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Reasons to reject the euro

There’s still lots of debate about the euro and Eurozone, with Greece imploding and now Italy et al all going up the Furka Pass, so to speak.

Now I’ve been purposefully avoiding getting into the fray, as it’s not my place, although I’m quite outspoken in media outlets about such matters (checkout this Bloomberg video about European Banking Authority’s stress tests of banks in July 2011, if interested). 

Anyways, we now have David Cameron and Angela Merkel at loggerheads about such matters.  Luckily they came to some agreement, although the bank transaction tax is still causing huge disagreements.

MErkel Cameron

Meanwhile, some believe that Britain will regret not being part of the euro.  This is down to the new controlling stranglehold in Europe of the inner sanctum – those in the euro – and the rest – those not.

This may create a rift in European Union, but is necessary if the Germans are going to keep paying for holding the Eurozone together.

This is why some folks, even those within the Conservative Party, believe the UK must one day join the euro too.

Nevertheless, talks of joining the euro are more divisive in Britain than ever, and is still unlikely in my lifetime. 

One of the reasons why we would never want to join the euro of course, is because we like the Queen and the Pound.

For example, in a survey by Demos published over the weekend – which showed that Muslim Brits are more patriotic than all other Brits! – they itemised what we consider to be ‘national treasures’.

Shakespeare came out tops, closely followed by the National Trust (our ‘green and pleasant land’) and the armed forces (keep our country ours).

Interestingly, the pound came fifth, above the monarchy who came seventh.

BEST OF BRITISH TOP 10

How people rate our cultural icons:

Shakespeare                                    75%

The National Trust                           72%

The armed forces                            72%

The Union Jack                                71%

The pound                                       70%

The NHS                                          69%

The monarchy                                  68%

The BBC                                           63%

British sporting achievements            58%

The Beatles                                      55%

 

Hmmm … this intrigued me and got me thinking.

Then I spotted a remarkable item about a chap in Poland who’s been designing their bank notes all of his lifetime.

He’s a national treasure there, and an artist designing everything from military medals to passport covers, coats of arms to postage stamps; and his name is Andrzej Heidrich.

Now in his 80s, Andrzej Heidrich’s artwork is being celebrated by Poland’s National Bank…

Poland note1

… including many banknote designs …

Poland note

Some of which were never actually issued.  For example, this 100 zloty note was never issued:

Poland note2

A better version was demanded by the Central Bank and, a bit like album covers in days of old, we treasure the designs and have rigorous standards.

This is why such designs become treasured and is why it is no wonder that countries who have no euro, and view their banknotes and artwork around those notes as ‘national treasures’, have such resistance to being in the euro.

Maybe the bet should be more on the Germans joining the Deutschmark than Britain, or Poland for that matter, joining the euro?

Ooops, scrub that:

In spite of the continuing crisis in the eurozone, the Polish ambassador says his country still aspires to adopting the currency as its own.

Guess, I should start using Bitcoin instead.

 

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • You can have as many national treasures as you’re prepared to pay for.
    Down here in Oz we also have the Queen, and we don’t pay her Civil List. Is joining the Euro having a national treasure and not paying for it?
    Point being, national treasures is marketing copy for News of the World readers.

  • Civil List. Is joining the Euro having a national treasure and not paying for it?

  • patriotic than all other Brits! – they itemised what we consider to be ‘national treasures’.

  • This is very educational content and written well for a change. It’s nice to see that some people still understand how to write a quality post.!