How Norfolk will benefit from the euro

Written by Andrew Duff MEP and published in North Norfolk Chronicle on Tue 4th Mar 2003

Since the introduction of the euro notes and coins at the start of the year, many people have begun to take the prospect of the single currency more seriously. It is right to weigh carefully the pros and cons. The Liberal Democrats support sterling's membership of the single currency, but have always argued that the public must debate the matter - and then decide it in a referendum. We want that vote as soon as possible because continuing uncertainty is bad for both the pound and the euro.

Since January I have spoken to several Norfolk businessmen who share the sense of impatience. I have chaired a Norwich meeting of Britain in Europe, the cross-party campaign group that will fight the referendum campaign. I have discussed how North Norfolk, the Broads and Yarmouth are set to benefit from European Union funding with regional and local authorities. I have met students and staff at Aylsham High School. The message from all these people is clear: if the euro works for our European friends and partners, it can work for us too. If the euro is quickly becoming part of the European identity, we want a share in that identity too.

I agree. Britain needs to be in there, at the centre, helping to fashion the social, economic and industrial policies that will maximise Europe's new competitive advantage. The euro will help to build Britain for the long term. Frankly, we cannot aspire to mainland standards of public services if we don't increase investment to EU levels. If we stick with sterling we are not putting in place the stable framework that long-term investors need.

The nub of the argument for the euro goes like this:

• 60% of our trade is with Europe, and business will be able to trade more efficiently.

• Britain can't go is alone: we need to be part of a big trading area.

• The world is coming together: we have to be big to survive.

• Our long term prosperity depends on being able to trade on equal terms. We do need to think about the future

• Prices and mortgages will come down, so we'll all be better off.

• It'll be easy to compare prices if we all use the euro, and the competition will force price cuts.

• Prices are already lower on the mainland (they don't come here to shop!)

The Lib Dems do not argue that there is no risk to going in, only that the risks are much greater if we stay out. We will not exaggerate the argument for going in - but we won't shirk it either.