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to be relieved the UK never entered the Euro

(12 Posts)
babybarrister Mon 29-Nov-10 15:10:03

Message withdrawn at poster's request.

bubbleOseven Mon 29-Nov-10 15:17:18

I agree. I have always agreed, not just since recent times when those economies got in trouble.

These past 6 or 7 years I have been horrified at how expensive it has been to visit countries with the euro and have avoided them like the plague.

I think the £ will take a beating, but nothing like the beating the euro has had.

MiasmARGGG Mon 29-Nov-10 15:20:24

I agree entirely.

Lots of countries with different values using one currency always seemed to be a recipe for disaster. It seems that it was..

dikkertjedap Mon 29-Nov-10 15:22:39

The UK's main trading partners are eurozone countries, so the UK will be as affected as the Eurozone countries. Furthermore, David Cameron has declined to deny that apart from bailing out Ireland the UK would also contribute to the bail out of other Eurozone countries. Given the terrible situation of the pound, I can't see that having joined the euro at the time would have been worse. Clearly, joining now at the current exchange rate would be a different matter altogether ... Unfortunately I think that the recession in the UK is going to be far longer and deeper as in most (not all) Eurozone countries (especially Germany, France, Netherlands).

diddl Mon 29-Nov-10 15:36:44

Funny, I find UK really expensive tbh.

And having to change money is such a faff that I´d rather not bother.

AgainMarjorie Mon 29-Nov-10 15:38:19

YABU and what dikkertjedap said.

Niceguy2 Mon 29-Nov-10 15:39:14

Agree. I've a fairly good understanding on how economics works and basically had we joined the Euro, we'd have probably "fallen" shortly after Greece and before Ireland.

The only things to have saved us is the fact we can set our own interest rates and devalue. Neither of which are instruments the PIGS economies can do.

roundthehouses Mon 29-Nov-10 15:42:17

can someone explain this to me? my mum said similar the other day, or more like i should save money to a uk account rather than have too much money in euros (i live in euro-zone) but from my pov exchange rates pounds to euros have never been so good.. Is a big crash coming?

I´d really like to know, sorry if its a really stupid question but I genuinely don´t understand!

scaryteacher Mon 29-Nov-10 15:46:13

I find the UK really cheap when I come home and everything in Euros really expensive.

I think France will be in recession for a while yet as they also have to repay the stonking great loan they took out to keep afloat. According to the Indy the other day, Belgium may be on the skids after the PIIGS.

I am so glad that UK never adopted the Euro, and that we have the freedom to set our own interest rates etc. Wise decision.

Deliaskis Mon 29-Nov-10 15:47:07

Agree with the OP, each country needs to have control of its own currency, so that it can respond to the needs of the market at the time. Whilst I didn't like it, the quantitative easing, as well having the freedom to tinker with interest rates etc. that we had last year was necessary, and we wouldn't have been able to do that if we were in the Euro.

Agree with Niceguy, we would have been in the mire well before Ireland had we been in the Euro.

D

Callisto Mon 29-Nov-10 15:58:22

There is a possibility that Germany will leave the Euro (not under current Chancellor, but the electorate may vote in favour of another party who are pro-Deutsche Mark. The Germans are really pissed off that all they do is bail other countries out). If that happens the Euro will fail and probably so will the EU. The knock-ons of that are truly scary.

I think it has always been a strength that the UK kept Sterling - though export business wouldn't necessarily agree.

BeenBeta Mon 29-Nov-10 16:08:41

The markets are not reacting well to the Irish bailout. The Euro is faling and bond yields are rising across Europe.

The feeling is that the deal the Irish got effectivley condemns them to a very deep and prolonged recession and eventual default on their debts. I strongly believe Ireland will eventually not be a part of the Euro. That may come about either as Callisto says because Germany leaves or Ireland and the other peripheral countries leave.

It is indeed good the UK is not part of the Euro. We would be in as bad a state as Ireland otherwise.

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