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UK ‘Welcome To Join Euro’

Posted by smeddum on November 19, 2008

UK ‘Welcome To Join Euro’


November 19, 2008
Michael Wilson, Business editor
As the pound struggles against other major currencies, the president of the European Central Bank has told Sky News that Britain is “welcome at any time” to join the euro.

European Central Bank president Jean-Claude Trichet
Jean-Claude Trichet said that it was up to the British people to decide – but pointed out the advantages of the single currency.
Mr Trichet also spoke of the defects in the global financial system which have left Britain, Europe and the US facing their gravest problems since World War Two.
When asked about the possibility of Britain joining the eurozone economies, Mr Trichet said: “It is an issue for the British people, but Britain would be welcome at any time.
“We are absolutely unanimous, at which moment the government and the people decide.
“There are a lot of advantages associated with the completion of the single market – you are not in an achieved single market as long as there are different currencies.”
‘Worst Crisis Since WW2’

Last week, the Eurozone fell officially into recession for the first time since the euro’s creation in 1999.
But the euro is is holding up better than sterling, which has loat 15% against the euro in the past six months, reviving suggestions the UK might be better off inside the European single currency.
When questioned on the broader economic picture, Mr Trichet said: “I would say that altogether we have a global system that had a lot of defects.
“I have seen a lot of very difficult crises. It is the first time that the heart of the finance of the industrialised countries is at stake.
“It is new and it is the first time since World War Two.”
Whether the British like it or not, to other Europeans their country is looking more and more like Turkey – a cheap holiday destination.
Dutch newspaper on fall in value of sterling
Mr Trichet also said he was optimistic that the current crisis could be solved by global co-operation, but refused to be drawn on how long the rescue would take.
He said that problems could be solved “only by joint efforts of authorities”, insisting the world financial powers were “all in the same boat”.

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