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  Brian - Franfurt sets a 'base rate' for the whole eurozone (in exactly the same way as the BoE for the UK) whether it suits that country or not. It is not a matter for individual countries within the Euro. The individual countries themselves control fiscal (tax) and borrowing/spending policies with borrowing supposed to be kept within limits set by the EU. This centralised setting of interest rates at any one time does not suit all the members of the zone and that causes pressures and problems that are threatening to tear the Euro apart.
  
  It would be even worse for the UK because we have a very different type of economy with much greater home ownership and many more small businesses. Major did indeed blunder by taking us into EMU which was the forerunner of the Euro (urged by the CBI/Trade Unions/Liberals/Labour and most of the press) and as a result our economy suffered badly until 'Black Wednesday' when we left it and that was the start of a recovery.
  
  Right now though it is not Major's blunder that is impacting on our economic problems its the even greater disaster that Gordon Brown has brought about. Make no mistake the recession just started will be much deeper and more damaging that then, all the signs are pointing to it.
  
  I remember 1979 very well and the utter mess that Mrs T inherited from Labour then. It was the economic disaster they left her which was the real cause of the high unemployment of the early 19980's but she managed to turn it around. Sadly Labour once again have created an economic mess that will take a Conservative Government to put right.

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