A Fitting Centennial for Thorstein

Your presumption that a case for Britain to join the euro can be made, argued strictly (i.e., solely) on the economic merits, is not simply a valid presumption. It is a factually supportable, irrefutably correct statement - encompassing multiple arguable economic realities. Herewith, a curtailed "baker's dozen" is offered in support of the pending "euro-12".

Premise - The arguments and assertions of those who oppose Britain's joining the euro - even on ostensibly economic grounds - consistently fail to give honourable and equal due to the exceptionally wide range of economic benefits which would, indeed, accrue through Britain becoming part of the E&MU. Limitations on space preclude extensive and detailed examination here, but highlights of these great and significant advantages can be touched upon easily. It is important not to restrict one's thinking to narrow "self-interests", but to embrace the much broader, and clearly economically valuable, implications of this desirable undertaking.

• Economic Benefits for the World
Britain - the world's fifth largest economy - would bring its low inflation rate, low unemployment rate and more flexible business/labour environment into the zone of the faltering euro. This will allay, somewhat, the increasing scepticism in global financial markets regarding the economic basics of the euro and thus contribute to greater "stability" in these markets.

• Economic Benefits for the Commonwealth
Britain - the world's second largest outward global investor - would bring its traditional trading partners into ever closer union with a currency controlled by the European Central Bank, which is legally independent of political control and thus resistant to setting policies called for by "local conditions". This reality, coupled with the gradual erosion of the value of the euro - which can only continue for the foreseeable future - will provide our trading partners with excellent economic benefits.

• Economic Benefits for "Euro-land"
Britain - with its financial center in the "top three" of the world - would bring massive tax revenues to "Euro-land" via the planned withholding tax on savings across the euro zone, along with the transfer of gold from Britain's reserves to the control of the European Central Bank. As the ECB has announced it intends to hold only 15% of its reserves in gold (versus an average of 30% for Europe's national central banks, this will be a most welcome gift of a disposable asset.

• Economic Benefits for the United Kingdom
In joining the euro, Britain's endangered tourist industry - a major earner for the country - would be positively affected by removing the "currency exchange problem" for those travelers inhibited from visiting by this negative factor.

• Economic Benefits for the "Regions"
In joining the euro, Britain's newly developing "regions" will be able to streamline their finances - and thus reduce their administrative costs - via direct currency dealings with Brussels, eliminating the tedious and expensive dual accounting systems now required.

• Economic Benefits for Business
In joining the euro, Britain's business community would avoid the exchange rate costs (commission and/or hedging) currently required on the small 15% of total UK output sold to the "Euro-land" countries.

• Economic Benefits for Labour
In joining the euro, Britain's unions will more rapidly achieve the economic benefits they seek by the accelerated application - in Britain - of the Growth & Stability Pact requirements.

• Economic Benefits for Education
In joining the euro, Britain's educational system will more rapidly achieve the economic benefits of shared costs for new curriculum materials produced under the auspices of "Euro-land".

• Economic Benefits for Pensioners
In joining the euro, Britain's unfunded pension liabilities of 7% of GDP - vs., for example, Italy's 78%, Germany's 115%, France's 118% - will achieve the economic benefit of single currency accounting for investments in the single "Euro-land" balance sheet.

• Economic Benefits for the Legal Profession
In joining the euro, Britain's legal profession will reap major economic benefits via an explosion in litigation involving lawsuits concerning the developing regulatory processes in which the single currency's role affects trade, contracts, jurisdictions and other subjects too numerous to mention here.

• Economic Benefits for Tax Payers
In joining the euro, Britain's taxpayers will eventually achieve the economic benefit of centralized taxation, its commensurate "harmonization" and thus a more "equitable" distribution of the tax burden in all countries of "Euro-land".

• Economic Benefits for the Euro-crats
In joining the euro, Britain will contribute extraordinary economic benefits to the management and operating staff departments of "Euro-land". Salaries and wages will be increased, departmental budgets and staffs will be enlarged, and the list goes on. One economic benefit after another, in steady progression.
Indeed, it is appropriate that the argument to join the euro be taken in this very year, as a fitting 100th anniversary tribute to the publication of Thorstein Veblen's "The Theory of the Leisure Class".
Students of economics will all recognize this seminal book, and Veblen's contribution of the concept of "conspicuous consumption" to the literature of economics.
One hundred years on, in view of the already hard-won battles on the part of Brussels and Strasbourg, Bonn/Berlin and Paris, this book may now properly give way to a new title and a more relevant phrase - "The Theory of the Pleasure Class", and its own corollary of "conspicuous presumption".
We can only look with admiration at, and generously reward, the "Euro-crats" who, with Britain's economically argued/based "modern" assistance will now be responsible for a "Euro-12".
The hubristic 'euro' - emerging under regulated omniscience - should unify Continent / Kingdom superbly.

Footnote
The above was designed to meet the requirements of a brief.
It must be noted, however, that confining a "debate on Britain joining the euro" to "economic considerations only" is exactly analogous to confining a "debate on Britain resurrecting capital punishment" to "economic considerations only": i.e., the costs of hanging vs. electricity vs. injection vs. gas vs. guillotine.
(The penultimate and latter references were included for purposes of completeness of exposition only , rather than applicability in the context of a debate on "Britain's joining the euro". It says here.)
Per your challenging brief, these are exactly 1,000 words.

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