by Kate Holman in Strasbourg
THE British Government should add a sixth criterion to its five economic tests for adopting the euro: whether the cost of staying outside the single currency is too high, Labour MEP Richard Corbett has told the European Parliament.
While the European Union celebrated the 10th anniversary of the euro, now used by 16 countries, Mr Corbett was calling for the debate on joining to be re-opened in Britain.
He argued: “The economic crisis has shown why – the euro has been an anchor of stability.”
He pointed to the impact of the credit crunch in Ireland – a eurozone member – and Iceland. Although Britain should not be “bounced” into a decision by the current crisis, or regard the recent near-parity between the euro and the pound as a reason for action, he insisted “a re-think may be in order”.
The MEP for Yorkshire and the Humber said Britain risks losing out on trade and inward investment, and quoted a number of multinational companies that have expressed doubts about setting up outside the eurozone.
His idea has so far attracted little enthusiasm in Britain but he stressed that eventual euro membership remains Government policy and claimed others in the party “share my view that the issue should not be left to one side”.
Suggestions last month by Commission President Jose Manuel Barroso that Britain was “closer than ever” to joining the euro brought rapid denials from Downing Street.
