The Euro and Europe

Written by Vincent Cable MP and published in Richmond Informer on Mon 9th Jun 2003

This week the Chancellor's statement on the Euro puts Britain's role in Europe back at the centre of the political stage.

I suspect that most people find the whole debate on Europe off putting and deeply confusing with wild over-statement on both sides. I have several suggestions for improving the debate.

First, it should be made clear that big decisions on Europe, both the Euro and the proposed 'convention' or constitution, should be put to a referendum soon. Even if, as I believe, it is right to be closer to the heart of Europe this cannot be done by stealth. Whatever is decided the dissenting minority should respect the majority verdict.

Second, both sides must stop gross exaggeration. I broadly favour British entry to the Euro on economic and political grounds but I recognise that there are risks and costs of going in as there are, albeit somewhat greater, in staying out. Only a Charlatan would claim that the arguments are all one way or that disaster would result from going in or staying out.

Similarly, it is as dishonest to claim that the proposed convention is just 'tidying up' as it is to claim that it will destroy centuries of our history, our legal system and British national identity.

Third, everyone involved in the debate should move on and recognise some new realities. We are now dealing with a Europe of 25 to 30 countries; no longer a close grouping dominated by Germany and France. The new Europe has to be outward looking, reflecting a globalised world. And it has to co-exist with one dominating, perhaps domineering, super power, the US and rising new powers like China and India.