According to this latest story, you Brits are not happy about the Euro and it's still stalled.


http://abcnews.go.com/wire/Business/ap20030609_775.html

Our chancellor of the exchequer Gordon Brown announced the results of the 5 economic tests today. Although only 1 out of the 5 properly passed, he seemed very upbeat about our economy and said that the tests could be met in the near future. See www.bbc.co.uk/news for more details Matt.

Indeed, and two of the tests will be passed automatically once convergence is secure.

re: "Once convergence is secure"

1. Interest rates in Europe just diverged from British interest rates by a further 1/2% last week (now 2% against British 3.75%)

2. Unemployment in France and Germany is rising - Germany's currently at over 4,500,000; Britain's remains persistently below 1 million

3. Inward investment into the U.K. has exceeded that of any other E.U. country by almost twice in every year for the past 3 years - and before that); last year its share of inward investment into E.U. countries rose from 26.5% to 28.5%

4. Average unemployment in eurozone countries is double that in non-euro countries like Britain, Norway, Switzerland, Sweden and Denmark (doing very well since they voted 53% to 47% to stay outside the eurozone)

5. Growth in eurozone countries is about one half of that in non-euro countries; Germany is on the verge of recession

6 Britain's house ownership is vastly greater than in other E.U. countries and shows no sign of 'converging' i.e. house ownership in the U.K. remains hugely popular.

Convergence? Dream on!

I'm still waiting for the pro-euro brigade that visit here to use these words in any particular order:

Laughing stock of the world
Laughing stock of Europe
Xenophobia
Europhobia
51st state
Little Englander
Anti-European
Victorian
Sun readers
Mail readers
Telegraph readers
Backward
Risking our children
Old fashioned

and, of course, "we're all in Europe now".

Come on you Euro-fanatics! I was hoping for at least 60% of the terms listed above to be used by now!!!

Tony: "4. Average unemployment in eurozone countries is double that in non-euro countries like Britain, Norway, Switzerland, Sweden and Denmark (doing very well since they voted 53% to 47% to stay outside the eurozone)"

Tony, may I point out that the Danish crown is *linked to the euro* ? This means that when the ECB cuts its interest rates, the interest rates in Denmark are reduced too.

BTW: A recent survey showed that 62% of the Norwegians are in favour of joining the EU.

1) Interest rates are not directly linked to exchange rates

2) If the Norway government hears what you say they'll do a referendum and win so "Shhhh!"

Steveh "Interest rates are not directly linked to exchange rates"

I know, but let me put it this way. The exchange rate of the Danish crown against the euro is *fixed*.

The bajan dollar is linked to the US doller.

Ummmm......