LETTERS
Sir,
I’m very disappointed by your January editorial on the euro. You mention “the long-evident inability of Europe’s governments to act pragmatically or in concert”.
First, and I don’t mean to be offensive, it seems a bit odd to hear such a severe criticism coming from the UK, whose government has historically not been a very good example of “acting in concert” (except perhaps with the US), and indeed from the City, where it has long been fashionable to pose as “euro sceptical” and many have fervently hoped (for obvious reasons) that the euro project would fail.
One can only wonder whether certain criticisms and doubts currently expressed don’t carry a sizeable amount of sour grapes.
Second, the successful making of the new currency is precisely an outstanding example of Europe’s governments’ ability to act pragmatically and in concert, setting aside their deep historical differences and working together to achieve a common goal which is beneficial for everyone, even for those who are not (yet) part of it.
How many times in history do you have the opportunity to watch a group of countries that have spent the last many centuries warring with one another decide to put an end to all that madness, give up some of the symbols of their “national pride” (if there is such a thing) and begin to work on what really matters.
And let’s not forget that this is happening thanks to the vision, courage and determination of a handful of first-class politicians (true politicians, one might say) who understood long ago, in the face of general scepticism, that this was the only way for Europe to go forward.
“Sceptics” may be “concerned that the costs will far outweigh the benefits”: what a short-sighted and narrow-minded concern!
Let me tell you: the costs are insignificant in comparison with the long-term benefits. After all, what are those costs?
A few hours overtime work during Big Bang weekend? A few billion euros? A few technical problems with the IT systems
As for the benefits, I’ve already told you: they can’t be measured by the bottom line.
Your editorial misses the main point of the euro success story: it is NOT about economics, but about politics. Good politics, that is.
The euro, the ECB, the sophisticated cross-border settlement systems, all these are but an excuse (albeit a good one) for the real target: to leave behind our common history of war, ignorance, hatred and death and move forward together in peace into the 21st century.
Juan Sueiro Sabadell
Barcelona, Spain
Margin for error
Sir,
I write with reference to your article “The relationship starts to change” (Euromoney, November 1998, page 64) in which there were unfortunately a couple of small errors concerning the Koninklijke Ahold $1 billion revolving credit of September 1998.
This facility was arranged by ABN Amro, Chase and JP Morgan (alphabetical order reflecting equal arranger status) and carries a margin of 10 basis points over Libor for the first five years and 11.25bp (not 112.5bp) thereafter.
Yours faithfully,
Ronald de Leeuw, senior vice-president, head of global syndications, ABN Amro
