PHILIP Woodward (Your Letters, March 22) is obviously unaware of the problems faced by the eurozone countries when he suggests that "what suits Germany, France, Spain, Italy and others might suit us too".
Since 1992, Germany has lost one in five manufacturing jobs and France has lost one in ten. In the same period of time, Britain has lost only one in fifteen. The unemployment rate in the eurozone is double the British level - unemployment in Germany, for example, is 4.3 million and rising. Taxes are overall a sixth higher than ours, and many eurozone countries are facing bankrupt pension systems which will drive taxes up higher in the future.
What suits one economy will not necessarily suit others. The British economy is completely different to other eurozone members. We have far stronger trading and investment links outside the eurozone, and we often need to set different economic policies to deal with a fast changing world. Over the last year, with an uncertain global economic outlook, the Bank of England has been able to cut interest rates faster and further than the European Central Bank, which has helped to protect the stability of our economy.
Replacing the pound with the euro would be the quickest way to lose that flexibility and control and return to the boom and bust of the past.
PETER MORGAN, chairman of the Morgan Motor Company and council member of Business for Sterling West Midlands
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