Pound or Euro?

Letter sent to the Miami Herald on Thursday, June 23, 2005:

Dear editor,

Why is the UK still considering switching to the Euro? In a recent speech, Tony Blair admitted the current weakness of the EU: "In every crisis there is an opportunity. There is one here for Europe now, if we have the courage to take it." The EU has been unable to unite and ratify a constitution despite expending huge amounts of time and effort to do so, and it is unclear how stable this political and economic alliance will be in the future. Consequently, it makes no sense whatsoever to trade the Pound, which has historically been the strongest currency in the world, for a currency backed by nations that are, in Tony Blair's own words, "in the midst of a profound debate about [their] future."

Thank you very much.