Britain will thrive outside the euro

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Britain will thrive outside the euro

19 Nov 2002

The panel debate the motion 'Britain will thrive outside the euro'.

Arguing in favour of the motion are Elisabeth Guigou and Baron Haskins.

Elisabeth Guigou explains her standing that joining the euro is in the political and economical interests of the British people, describing the economically founded fears driving those who are anti-euro, namely loss of British independence and the setting of interest rates by the European Central Bank.

Baron Haskins believes the single currency is the ‘logical next step’ to the single market, of which Britain has been a member since 1945. Haskins suggests that even Swiss bankers are looking to join the euro, without joining the European Union, for the greater ease and speed of movement of goods, people and capital across the region.

Arguing against the motion are Sir Martin Jacomb and Boris Johnson.

Martin Jacomb explains the brief history of the euro and its catalogue, over the years, of failures. Jacomb explains the difficulties of implementing a single monetary economy across a broad heterogeneous region; that, in essence, economic union is impeded dramatically by political differences.

Boris Johnson explains that the problem with the euro is a matter of democracy. He believes that the political objective to harmonise economic relations between European states undermines the political freedom of individual states, allowing central European councils to override decisions made at the parliamentary level.

First vote: 233 For, 118 Against

Final vote: 270 For, 132 Against