Andrew's Blog from Brussels

With my dissertation progressing nicely, here is a special edition of 10 Things on Tuesday: the Euro single currency.

1. The Euro was conceived in 1999 but the first coins and notes did not begin circulating until 1 January 2002.


2. The implementation of the single currency was step three of the EMU (European Monetary Union) programme of which the UK has participated in steps one and two (single market and policy coordination).


3. The UK achieved its opt-out in the Maastricht Treaty in 1992, Denmark also opted out. As too did Sweden but as it did not gain a legal opt-out it is legally bound to adopt the Euro when its economic conditions fit the criteria established in the 1992 Treaty.


4. There are more Euro coins and notes in circulation today than the UK Pound and US Dollar.


5. When arriving in Downing Street in May 1997, Tony Blair was eager to adopt the Euro, keen to show the UK was breaking away from the Conservative attitude towards Europe and turning a new leaf.


6. Gordon Brown, then Chancellor of the Exchequer, was not so keen based on the financial ramifications. He devised Five Economic Tests which would provide the basis for further consideration of joining. Only once all five were ‘passed’ would the public be consulted by referendum.


7. All of those Five Tests have now been passed.


8. The last, and only, referendum to be held in the UK was in 1975, on the issue of continued membership of the European Union. The majority opted to stay in, largely because of economic reasons.


9. The Euro has weathered the current financial storm with France and Germany already having left recession. Slovakia is the latest country to join, with other eastern-European countries keen to join and protect themselves from further economic turmoil.


10. The Conservatives have pledged to never adopt the Euro, while Gordon Brown as PM and the Liberal Democrats vow to not mention the subject. It is time we consider our opt-out Sirs!

If what you have read today interested you, watch this space!

Labels: 10 things

Posted by Andrew on Tuesday, September 08, 2009 at 1:57 PM | Permalink