Sir, - The letter from Simon King of Oriel College, Oxford (April 28th), was brief and to the point. It read: "Could I invite any of your correspondents to present any logical reason why Ireland should not pull out of the euro before it is too late?"
Logically, and ethically, Ireland's commitment to the EU and the euro is both voluntary and total. We honour the terms of our membership and deem the long-term interest of the EU to be paramount over or own shortterm self-interest.
Mr King is invited to contemplate the fate of the British pound sterling in the near future:
It is falsely inflated, boosted more by hype than intrinsic value.
North Sea oil reserves are ebbing, with few new fields being discovered.
The British manufacturing base has been undermined.
British shipbuilding and heavy engineering are all but non-existent.
Its agricultural, meat and fishing industries are no longer viable.
Britain's exports are uncompetitive because of the inflated pound.
Britain lacks commitment to its major trading partner, Europe.
Britain withholds support of the euro.
The proud pound sterling is headed for a fall, and may not then qualify for membership of the euro. Is there any logical reason why Britain should ever be allowed into the euro on the same terms as the 11 founder members? These had the courage to accept the risks, face their responsibilities, and make the necessary investment. They who take the risks, reap the benefits.
In euro terms, Britain has taken no risks.
It is, of course, frequently stated that Britain will enter "when it is right for Britain to do so" - a crowd-pleasing assertion based on the assumption that Britain will be allowed to join belatedly! Everyone would happily purchase a Lottery ticket - if allowed to wait and see the result, to enable them to buy the winning ticket without taking any risks! - Yours, etc.,
John E. Nolan, Lower Hatch Street, Dublin 2.