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Survey: Give us back our currency
LONDON, England -- As Britain struggles with the issue of the euro, the Germans and Dutch want their own currencies back. On January 1, 2002, the citizens of the 12 euro-zone countries -- Austria, Belgium, Finland, France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Portugal and Spain -- saw their marks, francs, pesetas, lire, escudos and the like fused into a single currency. Citizens of the euro zone had no vote specifically on the change, and now 57 percent of Germans and 55 percent of the Dutch are keen to see the return of the Deutsche mark and Netherlands guilder, according to a survey by European Internet company Tiscali. The euro was adopted as a common currency on January 1, 1999, when it began trading on global foreign exchange markets. However, euro coins and notes were only introduced on January 1 last year, and many Europeans have since complained that retailers took advantage of the switch to hike prices. European Commission President Romano Prodi said earlier this week that price rises were due to a lack of controls by individual governments. A lack of national control of interest rates has been blamed for the poor economic climate in Europe's biggest economy, Germany. "There's a long way to go before all countries accept their governments' decision to take on the new currency," said Richard Ayres, editor of Tiscali UK. "It's easy to forget that the euro is still in its infancy." There is some good news for the single currency: the French and Belgians are "happy" with the euro. But there is more bad news for UK Prime Minister Tony Blair, who has to make a decision on whether to call a referendum on joining the euro and giving up the pound. Of the 3,000 UK respondents to the Tiscali survey, 54 percent say they don't want to join the euro. However, 74 percent would like a referendum. In his New Year's Day message to the country, Blair said joining the single currency could be the most important decision facing this generation. He said the political case was "overwhelming'' but that hard economics were the crucial factor. "This year we will face what may be the single most important decision that faces this political generation -- the question of whether to join the euro,'' said Blair. "We see no constitutional bar to joining and the political case for entry is overwhelming. But ultimately it is an economic union, and it is an economic case that must be made. We will publish our assessment by June.'' Chancellor of the Exchequer Gordon Brown, in charge of Britain's so-called five economic tests regarding euro entry, is widely thought to be more cautious than Blair, who last year declared the euro to be part of Britain's destiny. There are plenty of reasons for Britain to delay: The euro zone economy is struggling compared to Britain's, the euro itself weak against the pound, and interest rates in the currency bloc are dangerously low for a steady British economy. But, analysts say, Blair also knows that to shy away now will probably remove the opportunity for several years, a time when he may not be so popular or powerful. And his dreams of leadership in the European Union are distant while Britain shuns the bloc's currency. The next election is expected by late 2005, and the government will not want the process of currency switchover incomplete by then, offering one last chance on the issue to its anti-euro Conservative opponents. The Treasury believes it would take two years after a "Yes'' vote to prepare Britain for new money. That means if there is no vote this year, the next likely opportunity will not be until 2006 or later. Denmark, which like Britain and Sweden decided not to join the single currency at its launch, should vote on whether to join the single currency in 2004 or 2005, Danish Prime Minister Anders Fogh Rasmussen said on Wednesday. Neighbour Sweden decided in November 2002 to hold a euro referendum on September 14, 2003.
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