Deluded belief in the euro.
Daily Telegraph - 4th May 2000
As Conservative MEPs, we were appalled at the possibility that the new merged London/Frankfurt stock exchange may deal exclusively in euros (report, May 3).
At a time when international confidence in the euro is open to question, this seems extraordinary. It would be damaging both for Great Britain and for the exchange.
It seems to us essential that plans should be made to enable shares to be quoted and traded on the new merged exchange in both pounds and euros, with the currency of any particular trade decided by the parties - in other words, by the market. The exchange must ensure not only that both currencies are available, but also that neither is treated preferentially to the other.
It may be that in five years' time both the euro and the pound will be flourishing. It is equally possibly that one or the other may no longer exist. For the exchange to put all its eggs in one euro basket, on the day when the euro dropped below 90 US cents, would be extraordinary.
Earl of STOCKTON