As a citizen of the UK, I am voting against Britain joining the euro system in the upcoming national referendum. My opinion is based on economic reasons, as well as my deep-rooted British background. My father, a soldier in WWII, expresses his disapproval of the monetary union constantly. He is suspicious of the alliance between once enemies, France and Germany, and he warns me that these two EU powers might try to override Britain. There are several factors to consider when deciding to join a single currency with the rest of Euro-land, including how it will affect the UK's economy, its trading partners, the exchange rate, and Britain's influence in Europe and the world. Personally, I object to the euro because the Bank of England will have to give up its ability to set the UK's interest rates, Britain's economic cycles are not in sync with mainland Europe, and GB will lose its identity if it loses the pound. .
The single most troubling reason for my disapproval of Britain joining the euro is that the Bank of England would no longer have the power to set interest rates throughout the UK. Without this monetary independence, Britain will be forced to adapt the same interest rate that is set by the European Monetary Union, which is currently used by the member countries in the EU. That means that what is best for the EU might not be what is in the best interest of Britain, but joining the euro, GB would no longer be able to fluctuate interest rates in order to protect itself and its people. They will simply have to adapt the interest rate that is decided upon by the entire EU. Joining the euro would not benefit Britain because each of the 16 countries" economies are growing at different speeds, with dissimilar GDP growth, so a single interest rate would not be able to help all the countries involved. .
Next, Great Britain has a different economic cycle and different structure of economy, so we cannot have a single monetary policy with the other countries of Euro-land.
