THERE are growing calls for Gordon Brown to take Britain into the European single currency, especially as the pound has fallen by at least 20 percent against the major European currencies. I do believe that Britain should have joined the euro from the start but now is not the time. If the pound was abolished and replaced by the euro Brown and Chancellor Alistair Darling would have to surrender much of their powers to the European Central Bank.
They would not be able to cut interest rates so easily and Britain´s economic policy would be decided by others. Britain had a golden opportunity to join the single currency when it was first introduced but Prime Minister Blair backtracked allegedly due to opposition from Brown. Let us also remember that the pound has been over-valued for many years. The favourable exchange rate has meant that everyone has benefited from Majorca to Spain as a whole. However, for the time being Britain has to stick with the pound and be prepared for an even lower exchange rate as the Bank of England continues to cut interest rates. When the good times return, then it is the time to join the euro. With Brown still relatively unpopular he would commit political suicide if he announced that he wanted Britain to join the euro.
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