WHY BRITAIN SHOULD STEER CLEAR OF THE EURO

摘要

Should Britain, already a member of the European Union, join the euro zone, too? Britain's Chancellor of the Exchequer is about to issue what will be a highly controversial report indicating that the answer is "no―not at this time." His verdict will be based on extensive economic analysis concluding that under current conditions, a decision to adopt the euro will not promote Britain's macroeconomic stability and growth. His report is sure to disappoint both British multinationals, whose European transactions would be facilitated by a common currency with the Continent, and British politicians, who want Britain to assume a leadership role in a more unified Europe. But with Germany slipping into deflation, France not far behind, and recession overtaking the euro zone economies, the conclusion makes excellent economic sense.