Britain Urged to Join Euro Quickly to Avoid Losing Influence

Senior figures in the European Commission are warning the UK Government that delaying its decision to join the euro zone will damage its influence in the European Union. President of the Commission Jacques Santer and Vice-President Sir Leon Brittan have emphasized that a quick commitment to the euro is essential for the UK's long-term aspirations to shape the EU. They argue that the UK will suffer economic and political costs if it fails to join the euro soon, with lower interest rates under the euro being an immediate benefit for millions of Britons with mortgages.

Key Takeaways:

• The European Commission is urging the UK Government to sign up quickly for the single currency to avoid losing influence in the EU.
• President Jacques Santer and Vice-President Sir Leon Brittan emphasize that a clear and early commitment to join the euro as soon as practicable is highly desirable.
• Britain's delay in deciding on the euro is undermining its attempts to establish itself as a main player in EU affairs, as evidenced by Tony Blair's unsuccessful struggle to win a place at the future inner council of euro states.
• The UK's reluctance to join the euro is reminiscent of its tardy decision to join the European Community 25 years ago.
• Lower interest rates under the euro would be an immediate benefit for the millions of Britons with mortgages.
• A great deal of preparatory work is underway in the City to welcome the euro as an essential complement to the single market.

Statistics:

• The UK's decision to join the euro is expected to have significant economic and political implications.
• 25 years ago, the UK joined the European Community.
• The euro is expected to enter circulation in 2002.
• Millions of Britons have mortgages that would benefit from lower interest rates under the euro.

Sources:

• The Times, 1998.