An all party Treasury Select Committee has published a report on the UK entry to the Euro has warned that the Bank of England would only have a say in 20% of any votes on Central European Bank policy for interest rates. In simple terms, the UK would be excluded from 4 out of 5 decisions with regard to interest rate policy.
Control of things like savings rates and mortgage payments would fall outside of our own control and leave the UK to the mercy of others.
Our view
It is not surprising that total control would move away given the scale and diversity of Europe. Different member states have different needs. Given the huge commitment and loss of control, the Government has a significant PR issue to convince the UK public that this is a good move. It would seem unfair that a country with an economy a fifth of the size of the UK should carry equal voting rights. Decisions that may be for the betterment of a small economy could jeopardise larger economies such as the UK, Germany and France.
In our opinion, we will end up joining the Euro for trading stability with Europe and we will have to abide by whatever rules are in force. This is what losing real sovereignty and becoming part of a "Super State" is all about.