I believe the electorate may be deliberately bogged down in technicalities, while I favour the empirical approach.
I want to know if the Dollar Area does indeed ‘work’? To my mind, the USAsystem is OK if you are in New York, Chicago or Industrial California, but Isuspect the rest of the States are ignored and have to get by as best theycan.
He confirmed that Ireland (amongst others) is already having problems with the present interest rates and it hasn’t yet had to face a recession. But one rate is never going to be good for the whole area.
In UK we have had Eddie George telling us that he can’t reconcile the needs of industrial Britain with the house inflation in the London Area, so the industrialists can be left to rot in the interest of the Greater London area.
If that is the case on these small islands, what chance do we stand as an insignificant off-shore appendage of the Euro Zone?
Clearly these factors are far more significant than whether or not a fewof us incur Bank charges when we are converting our Travelling Expenses.
I don’t want to play with words, but it would appear that convergenceimplies the coming together of two separate entities. Now this willultimately lead to one of two alternatives – either they will collide or elsethey will miss and continue to hurtle through space but, having passed, theywill diverge.
I really would like to be told what the significance of convergence hasto the Euro argument if we will diverge subsequently. Nobody has yet had thetemerity to suggest that we will continue together, and a lot of experts havesaid we are not on the same business cycle as ‘the rest of Europe’. Theresult of us colliding seems more likely, with potentially disastrous resultsfor us, and perhaps for Europe too. I am yet to be convinced that we willbenefit!
Please keep this debate going.
John Bradley, Allendale
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