Argument: Joining the Euro would reduce the cost of travel in Europe.

Before the arrival of the single currency, holiday makers would spend much money on preparing for the trip, before they had even bought a single souvenir or postcard; “travellers touring this fragmented continent could spend large amounts of their money simply changing it from one currency to another.”1 The loss incurred by currency conversion would be eliminated and accommodation abroad will also be cheaper and easier to book; “Joining the Euro will also make it cheaper to send money around Europe. Sending money to book a holiday cottage in another country with another currency can cost £40. Within Euroland, it would cost less than one Euro - much less than one pound.”2

1Browne, A., 2001, "The Euro: Should Britain Join". page 102

2Browne, A., 2001, "The Euro: Should Britain Join". page 103

Candidate 1: "No; cheaper goods come at a high monetary price and a high price of a chaotic turnaround. Even before the Euro has taken effect, it is going to be costly; "Converting to the Euro will also cost businesses, and shops in particular, billions of pounds, and that is bound to be passed on to their customers."1 Once it fully takes effect, "The Euro will also lead to higher inflation and more red tape, encumbering businesses and their customers with even higher costs". 1 And so the initial monetary costs and inconvenience are not going to be short lived, but will in fact spread. Any silver lining of cheaper goods prices eventually is not going to be worth the upheaval of complications and inflation its creation entails. 1 The Euro: Should Britain join?, Anthony Browne, p. 102"
Candidate 2: "Britain does not have to become a part of the Euro to benefit from the EU economically. Britain has already struck the right balance between EU involvement and managing her own economy. "We are already part of the single market, and getting rid of the barriers put up by having separate currencies will make little difference. It was the removal of all the other barriers– such as tariffs – that mattered far more. The economies of scale are already here – from the EU’s almost 300 million consumers – having an effect.”1.Accepting the Euro could very well upset this balance with very negative effects; “Staying out, we have the advantage of a more flexible economy, more adaptable labour market, and lower taxes.” Therefore, it is more advantageous for Britain to keep the pound whilst maintaining EU membership.

1Browne, A., 2001, "The Euro: Should Britain Join", Page 91"
Candidate 3: "This has simply not been the case; since the launch of the Euro in 2002, London has consolidated her position as the financial centre of Europe. There is no need for Britain to join the Euro, she can profit from the financial influence London exercises while her mainland European counterparts use the single currency. As explained by Anthony Browne in The Euro: Should Britain join?, “at the launch of the Euro…that what were effectively regional financial centres –such as Paris- lost any reason for their existence and saw all European business drain away to Europe’s real financial centre, London.”1 Moreover, Britain is not wholly reliant on her European counterparts for business; “More people work in financial services in London than live in Frankfurt, its only likely rival. We have the English language and a time zone that means we can deal with New York and Tokyo in the working day.”1 If the British economy does not even need mainland Europe for business, even less it needs the single currency.

1Browne, A., 2001, "The Euro: Should Britain Join". page 93"
Candidate 4: "This theory does not transfer to practice successfully. Questions of lifestyle (such as holidays) under the Euro cannot be treated in isolation. Converting to the Euro will have a series of knock –on effects which are all interconnected, affecting and effected by one another. One of these is the inevitability of higher inflation. With increased inflation, there will be increased unemployment; There will be even more British jobless who cannot afford to go on holiday. Moreover, as explained by Anthony Browne in The Euro: Should Britain join?, “These savings are a mere fraction of the total cost of going on holiday.”1

1Browne, A., 2001, "The Euro: Should Britain Join?", page 103"

This theory does not transfer to practice successfully. Questions of lifestyle (such as holidays) under the Euro cannot be treated in isolation. Converting to the Euro will have a series of knock –on effects which are all interconnected, affecting and effected by one another. One of these is the inevitability of higher inflation. With increased inflation, there will be increased unemployment; There will be even more British jobless who cannot afford to go on holiday. Moreover, as explained by Anthony Browne in The Euro: Should Britain join?, “These savings are a mere fraction of the total cost of going on holiday.”1

1Browne, A., 2001, "The Euro: Should Britain Join?", page 103
