Bank of England Urges Euro Caution
LONDON (AP) _ The governor of the Bank of England said Thursday that he supports the government’s policy of waiting before deciding whether to join the European single currency.
``I think the present position of the government to stand where it was and say we will look at this early in a new term of government is the right approach,″ Sir Eddie George said after receiving an honorary degree at Cambridge University.
``I don’t think the cause will be helped a great deal by rushing to make a quicker decision,″ George said.
Prime Minister Tony Blair is widely expected to call an election next year, and he has said that a decision on joining the euro would be made after the election.
The euro was adopted in January 1999 as the common currency of 11 European nations.
Recently, some manufacturers have complained about the high value of the pound relative to the euro, and have urged Britain to join the new currency.
``I think there is a great push to try to bring the euro to the front of the political agenda ahead of the election,″ George said.
``I think a lot of the arguments on both sides are being highly exaggerated. I think it would be wise to get back to the really important issues and debate them calmly. I don’t think it is helpful turning it into a political issue as it is being at the moment,″ he said.