It is the staff of dreams and nightmares. Where Tony Blair’s attempts to make Britain love the euro have fallen on deaf ears, its incarnation as notes and coins will succeed. These will be used not just in the euro area but in Britain. As the British become accustomed to the euro as a cash currency, they will warm to it--paving the way for a yes note in a referendum. The idea of euro creep appeals to both sides of the euro argument. According to the pros, as Britons become familiar with the euro, membership will start to look inevitable, so those in favor are bound to win. According to the antis, as Britons become familiar with the euro, membership will start to look inevitable, so those opposed must mobilize for the fight. Dream or nightmare, euro creep envisages the single currency worming its way first into the British economy and then into the affections of voters. British tourists will come back from their European holidays laden with euros, which they will spend not just at airports but in high street shops. So, too, will foreign visitors. As the euro becomes a parallel currency, those who make up the current two-to-one majority will change their minds. From there, it will be a short step to decide to dispense with the pound. Nell Kinnock, a European commissioner and former leader of the Labor Party, predicts that the euro will soon become Britain’s second currency. Hans Eichel, the German finance minister, also says that it will become a parallel currency in countries like Switzerland and Britain. Peter Hain, the European minister who is acting as a cheerleader for membership, says the euro will become "a practical day-to-day reality and that will enable people to make a sensible decision about it." As many as a third of Britain’s biggest retailers, such as Marks and Spencer, have said they will take euros in some of their shops. BP has also announced that it will accept euros at some of its garages. But there is less to this than meet the eyes. British tourists can now withdraw money from cashpoint from European holiday destinations, so they are less likely than in the past to end up with excess foreign money. Even if they do, they generally get rid of it at the end of their holidays, says David Southwell, a spokesman for the British Retail Consortium (BRC).
It is the staff of dreams and nightmares. Where Tony Blair’s attempts to make Britain love the euro have fallen on deaf ears, its incarnation as notes and coins will succeed. These will be used not just in the euro area but in Britain. As the British become accustomed to the euro as a cash currency, they will warm to it--paving the way for a yes note in a referendum.
The idea of euro creep appeals to both sides of the euro argument. According to the pros, as Britons become familiar with the euro, membership will start to look inevitable, so those in favor are bound to win. According to the antis, as Britons become familiar with the euro, membership will start to look inevitable, so those opposed must mobilize for the fight.
Dream or nightmare, euro creep envisages the single currency worming its way first into the British economy and then into the affections of voters. British tourists will come back from their European holidays laden with euros, which they will spend not just at airports but in high street shops. So, too, will foreign visitors. As the euro becomes a parallel currency, those who make up the current two-to-one majority will change their minds. From there, it will be a short step to decide to dispense with the pound.
Nell Kinnock, a European commissioner and former leader of the Labor Party, predicts that the euro will soon become Britain’s second currency. Hans Eichel, the German finance minister, also says that it will become a parallel currency in countries like Switzerland and Britain. Peter Hain, the European minister who is acting as a cheerleader for membership, says the euro will become "a practical day-to-day reality and that will enable people to make a sensible decision about it." As many as a third of Britain’s biggest retailers, such as Marks and Spencer, have said they will take euros in some of their shops. BP has also announced that it will accept euros at some of its garages.
But there is less to this than meet the eyes. British tourists can now withdraw money from cashpoint from European holiday destinations, so they are less likely than in the past to end up with excess foreign money. Even if they do, they generally get rid of it at the end of their holidays, says David Southwell, a spokesman for the British Retail Consortium (BRC).
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