Different size notes, but what about our wallets!?

DadaKopf

It's really entertaining to see how bitter, cynical and critical the British media coverage of the Euro is, especially BBC.

Tonight, I saw an article focusing on the plight of Belgium's poor, hard done by citizens. As if living in the most boring country in the world wasn't bad enough, BBC felt it very important to tell us that the new notes don't fit the Belgians' wallets! This has clearly been an oversight by those Euro fat cats and they should have known better.

It just seems as if the British media, maybe because it's not in it yet, just can't get beyond criticising the thing and making news out of the smallest of hiccups when they could, instead, be reporting on its good aspects also. Talk about a slanted view - it's a real school playground mentality. They'll just find any excuse they can to berate it.

And from the Guardian (thursday):

Ireland
Ireland suffered its first two robberies involving the euro. Police said three raiders, two of them armed with a hammer and a knife, threatened staff at a branch of Allied Irish Bank in the village of Borrisokane, 90 miles south-west of Dublin, before grabbing about €2,000 from a till and escaping in a waiting car.

Two security guards were beaten up when they tried to stop another gang from cleaning out an ATM in the Castletroy suburb of Limerick.

Isn't that great?

Anyone else got more of those kind of those dumb stories from the other side of the sea?

Shinji

I dunno about dumb stories, but I did quite enjoy ITV's news last night drawing a nice diagram to show everyone the difference between a note and a coin...

Biffa Bacon

I think you're being a bit over-sensitive there. Are you sure the wallet thing wasn't said as a bit of a joke? And what's wrong with reporting on robberies?

Sand

Their appreciation of a currency that is weaker than the sterling will increase as it becomes apparent that their exports to the Euros will be less competitive and the Euros exports to the UK will be more competitive.

The British seem to view their currency as more than what it is- a financhal instrument and a policy tool. They will take the Euro more seriously as time goes by, whether they join or not.

About the irritation over the reported bank robberies- Id assume its because a bank robbery in a provincal Irish town doesnt usually make international news- And afaik the first Euro robbery was in Greece, about 3 hours after they introduced it there.

GoneShootin

a financhal instrument and a policy tool.

which is why they did not enter the EURO in the first place, or loose the figure of "almighty british empire" not like that happned already

DadaKopf

Originally posted by Biffa Bacon
I think you're being a bit over-sensitive there. Are you sure the wallet thing wasn't said as a bit of a joke? And what's wrong with reporting on robberies?

That's the thing, they weren't treating it as a joke. Not even deadpan humour. It was serious!

mike65

DadaKopf,

Forget the telly, which I think has beeen remarkably fair, its the UK press that are going to town against the euro.

Not that anyone should give a fig what anyone over there thinks as they aint in it!

I predict that opinion will have swung towards the euro by this time next year as punters bring back the currency with them from hollidays and business trips. Parts of the press and the Tories will always hate it but the wind is blowing in only one direction.

Mike.

bonkey

Originally posted by DadaKopf
That's the thing, they weren't treating it as a joke. Not even deadpan humour. It was serious!

Course it was.

The "Euro-skeptic" Brits need every last little argument they can muster as to why they should remain out of the single currency. Now that the notes are printed, and the punter on the (international) street gets to avail of the advantages (not so big in Ireland, but on the continent, this makes life SO easy), it will become a lot tougher to deny that the Euro is a good thing.

The euro-skeptics are left with two arguments :

1) The pund is a symbol of "our Britishness" and we wont give that up to any damned European hegemony.

2) Your currency still sucks. Ya boo. Look at me sticking out my tongue.

The "serious" reporting falls into this latter category

jc

Sand

They have another argument which is hard to counter

When you have your own currency you have your own monetary policy which is an extremely useful economic tool. Witness our own difficulties last year when our overheating economy was crying out for some action, but we couldnt take any- and the ECB wasnt interested in 1% of Euro land. There are other ways of tackling inflation of course- Ive seen papers that argue the government should meet over extended demand by encouraging supply- be it in housing or whatever.

Im for the Euro but it should be remembered their are some good reasons for not joining the Euro. The Bretton Woods agreement for example fell apart thanks to the US's massive social spending. There are spending limits for the current Euro governments- But it will be interesting to see Germany handles its difficulties- Either break the limits it itself demanded or pay a large fine in an election year- not really vote getter for the nationalist sentiments.

The real puzzle will be if the UK can still attract investment and compete with its EU partners when its currency is so strong against the Euro. There are benefits and as I mentioned above consequences to joining the Euro.

mike65

Sand,

That post is far to considered and thoughtful
for this thread. Getoff!

Mike.

amp

The way I see it, there's going to be 3 big currencies in the world in a couple of years. The Dollar, The Euro and whatever the hell China uses. All the rest will be chump change.

smiles

I had an interview for Economics in an English Uni. a few weeks ago and one of the things the Head of the Department grilled me on (literally!) was the advantages and disadvantages to Britian of joining the Euro, there is a certain amount of sentimentality attached to the currency, but there are several monetary reasons also, the Bank of England would lose an awful lot of its control, and going from a country that once controlled the economies of half the world (CommonWealth) to having very restricted control of their economy would be a hell of a big step for them.

Alot of major currencies have reserves in Sterling and this provides stable trading links for Britian with other countries, and if they switched over to the Euro these links would be severed and their importance in world economies would be lessened.

Having links like this also makes sure that their exchange rates do not fluctuate too broadly, and switching to the Euro would cause a lot of uncertainty, instead of countries having backing in Sterling, it would be in Euros and instead of Britian directly benefitting from this (strong exchange value as a high demand), they would only have indirect links (Euro having a stronger (relative) exchange value, which they would benefit from, but not as easily or as directly.

Not having the Euro means Britian is pretty much free to implement any monetary policy they want, this is one of the biggest sticking points, and one of their best arguments, they feel that their interest rates need constant looking after and they would lose the power to do this if they joined the Euro...

[I will finish this later when I have more time]


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