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E-mail: nataliesolent-at-aol-dot-com (I assume it's OK to quote senders by name.)
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( 'Nother Solent is this blog's good twin. Same words, searchable archives, RSS feed. Provided by a benefactor, to whom thanks.
I also sometimes write for Samizdata and Biased BBC.)
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Thursday, October 26, 2006
Euron Eurown. In this post regular commenter JEM wrote
After all, if it's better for each country in Europe to have its own currency, how much better it would be if each county in the United Kingdom had its own currency too... or each town... or each street... or each house... After all, why should the Central Bank of 25 Typical Street hand over control of the 25 Typical Street Groat to the Central Bank of Typical Street and their Typical Street Groat?Another correspondent is critical:
JEM, who writes, does not appear to understand that a currency is also a means of control by a state over its subjects. The main argument against the Euro is not that Sterling is a pround patriotic icon, as JEM appear (rather unobservantly) to think, but that putting control of something so fundamental to our life under the control of a foreign, corrupt and generally useless bunch of bureaucrats is probably a very bad idea. Perhaps JEM would also like to see centralised control of the water system, gas and electricity from Brussels?
However Squander Two (who will be much too busy today to read this - best wishes to his wife and soon to be born child) quotes JEM approvingly and makes a proposal of his own:
Those people who hate the Euro wouldn't have to use it. Those who love the Euro could use it as much as they liked. The rest of us — which I reckon would quickly become most of us — could just use whichever was the most sensible at the time. We'd get lots of the economic advantages of having the Euro, with few of the disadvantages (I reckon — I'm not an economist). The public would generate money out of nothing as they'd start to watch interest rates closely and switch currencies whenever profitable. And everyone in the country would get much much better at mental arithmetic. Lord knows the schools aren't teaching it to them.The comments touch on John Major's "hard ecu" idea and the distinction between legal tender and legal currency. One of them came from Tim Worstall who continues on the same theme in this post.
The various countries within the euro zone simply are not an optimal currency area. You can quite happily argue that the UK itself is too large and diverse to be one as well but the problems of tying most of a continent into one are of course greater than the one we have here.
Why have I given this post the title it has? Mostly, of course, because I could. But also because I have to admit that I will be unable to accompany you too much further into this debate; even supplemented by what I can scavenge, my store of knowledge of these issues will not last long.