EU Finance Commissioner says ratification of Lisbon Treaty will still allow UK and thus IOM to keep the £

An answer, given on the 28^th April 2008, by EU Commissioner for Financial Affairs, Joaquin Almunia, to a question from euro sceptic MEP, Ashley Mote has indicated the concern that the UK, and thus the IOM, would lose the right to keep the ‘Pound Sterling’ as its national currency is unfounded.

The Question from Mr Mote was: “Since the Lisbon Treaty apparently includes much the same wording as the discredited EU constitution when referring to ‘the currency of the EU shall be the euro’ [my emphasis], what powers will a future British Government have to reject membership of the euro if the Lisbon Treaty is finally ratified by all 27 nation states?”

The succinct answer provided stated: “The ‘protocol on certain provisions relating to the United Kingdom (UK) of Great Britain and Northern Ireland’ providing an opting out of the participation of the UK in the euro remains unchanged with the Lisbon Treaty.”

This question, and answer, is of interest to Island residents as the Treasury Minister, Allen Bell MHK, has indicated, on several occasions, if the UK joins the Euro, that as the UK is the IOM’s largest trading partner etc, it is more than likely the IOM would adopt the Euro. Essentially, we are told, this would be for ‘practical’ reasons and it is unlikely the public would have much say in the matter. By default, the IOM would, by adopting the Euro, almost de facto become part of the EU; and it is difficult to see how the Island could resist being sucked into actual membership.

The Manx Herald retains its strong Euro-sceptic stance, believing membership of the Euro or the EU would be a retrograde step if the IOM truly seeks ‘independence’.

Meanwhile, in a related story, British businessman, Stuart Wheeler was in the High Court this week to defend the British people’s right to a referendum on the Lisbon Treaty. The two Law Lords hearing the case have promised to provide their ruling as soon as possible.