February 18, 2007

Kyprianou on euro volatility

Andros Kyprianou, AKEL's Press Secretary, yesterday abandoned his "My daughter told me so" argument against introducing the euro in 2008 (rather than in 2009). The new and improved argument is that we are abandoning the pound to introduce a currency that "goes up and down like an elevator". Never mind that the pound is (and has been for the last 14 years) pretty much set to be constant against the euro (or its equivalent before the euro existed). Therefore, if the euro moved against any other currency, the pound also moved against that other currency too, to keep its value constant against the euro.

And therefore the pound was also in the elevator along with the euro... But I am talking high math here. At least the chief comrade spokesman has moved away from his "My daughter told me so" argument. For that to happen within a week constitutes progress. Maybe next time he can also tell us what earth-shattering event will take place that will negate all these profound arguments and make the introduction of the euro a good thing in 2009, but such a bad thing in 2008.

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