This depends on you definition of sovereignty. For the Tabloids sovereignty seems to boil down to the simple question - "Will the Queen's head still be on our notes and coins?" Broadsheets on the other hand see sovereignty in economic and political terms - Britain's control of interest rates and taxation.
To answer the tabloids first - Yes, the Queen's head will still appear on the reverse of Euro coins. Coins and notes will interchange freely amongst the countries, but by their nature coins will tend to remain in their country of origin. National symbols will thus remain in place on the Euro. We will not undergo any crisis of identity, nor will the Queen - a common conception of sovereignty - be removed. Coinage does not equal culture, and it is sad that we insist our national identity resides in the coins in our pockets - coins which, after all, only came about with decimalisation.
Economically Eurosceptics view the Euro as a loss of sovereignty, claiming Britain will no longer have control over interest rates or have the ability to tax and spend freely.
Yet the only major constraint is that a country should not build up an excessive national debt - something that countries should not do anyway, for their own economic well being. Indeed, the system is highly flexible, (there are after all 12 very diverse countries taking part). As part of the Eurozone, Britain would be able to tax and spend in whatever way it likes. Britain can persue high-tax and high-spending policies as in France, or go for low-tax and small governement (like Ireland).
When it comes to interest rates, being represented in the European Central Bank would give us more influence than we have today, because Britain would be there as part of the decision making process. Currently the Bank of England fufils this role, and is completely autonomous from the British government. In the ECB, we have a direct say.
For more info, see:
www.guardian.co.uk/emu
|
