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THE TRUTH ABOUT EUROPE

EMU

EUROPEAN MONETARY UNION

The EU needs a Single European Currency to achieve the Political dream of a single European Nation.


INSTEAD OF ADMITTING THIS

THEY SAY:

  1. "SAVINGS ON MONEY CONVERSION MAKE IT ALL WORTHWHILE"

    Forgetting other possible disadvantages it would still take 20 years to break even from the 15 BILLION cost of such a changeover. Accountants KPMG estimate a figure nearer 30 Billion. Retail sector costs would be 3.5 Billion. Each computer terminal and software conversion costs around 425.

  2. "A SINGLE CURRENCY WILL PRODUCE STABILITY"

    Not likely! UK and $US are vitally trade-linked, variations only 4 - 5%. The artificial EMU will cause huge variations with the $US, destroying UK International business. A European Central Bank, even if politically neutral, could hardly set interest rates to suit a UK economy. Labour mobility won't help because of language, rights of residence, culture and labour inertia difficulties. Lowest estimates for joining EMU are 22.3 BILLION increase in EU contributions and 1.9 million more unemployed - and a very unstable UK economy.

  3. "BRITAIN WILL LOSE OVERSEAS INVESTMENTS IF LEFT OUT OF EMU".

    A 'scare' tactic. Inward investment projects soared when the UK opted out of EMU "for the time being". Japanese Investment House Nikko Europe said that many Japanese companies want the UK OUT of EMU.

  4. "A SINGLE CURRENCY WILL BOOST COMPETITION AND CUT PRICES".

    Such spoon fed propaganda can't alter the facts. The 0.15% saving on money changing costs is nowhere near the estimated 2.6% price increases caused by changeover costs - BEFORE a single EURO hits the tills. If other EU countries go ahead then staying OUT of EMU is best for the UK economy.

  5. "A SINGLE CURRENCY WILL DETER CURRENCY SPECULATORS"

    Speculators will make a killing out of the new currency! Long term effects of allowing weak currencies to join may even bring the Euro crashing down. The Maastricht Criteria were undermined by ignoring National Pensions liabilities (producing, for instance, a German Government debt of 200% of GDP - not 61% as claimed). Despite magical accountancy trickery most EU countries failed even the most basic of the Maastricht Criteria - but were still allowed to join because their economies were "... moving in the right direction."!

    Deterred? - Speculators can barely hide their excitement! All common currency experiments in Europe and across the world have ended in economic disaster. EMU is just the biggest and the most dangerous yet.

Whether looking at trading patterns, currency trading, housing markets, oil production, jobs, financial practices, or tax policy, the UK stands apart from other EU states. Such circumstances mean joining a Single Currency will force the UK, through cash transfers, taxation and interest rates, to pay for the economic weaknesses of other EU States.

That is why EMU is bad for business and -

EMU IS BAD FOR BRITAIN

IGNORANCE IS A BIT FISHY?

Britain has hundreds of Fisheries Inspectors ruthlessly harrassing fishermen to obey EU rules and driving them out of business. Yet in Spain there are only seventeen Inspectors all of whom are apparently firmly based in land-locked Madrid.

Why don't we learn to ignore EU laws like other EU countries? - a question for another TEC leaflet.

This leaflet (1 of a series of 12) is a rare chance for people to learn something of -

THE TRUTH ABOUT EUROPE

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