Amidst all the other current economic woes, the pound has been falling and the high street commercial rate is now below parity. I must check to see if I have any Euro notes lying around...
And the old debate about whether or not to join the Euro is slowly coming to the forefront, although the levels of political ferocity seen in the past haven't yet materialised. But one point I haven't seen much of is the debate over which interest rate is better for this country - the Bank of England's 2% or the European Central Bank's 3%?
A single percentage point doesn't look that much different, does it? Yet such a difference has very real consequences for borrowers and savers, for mortgage levels, for taxation - one cold go on endlessly. Not for nothing does the Bank of England's Monetary Policy Committee decisions get heavily analysed, even when the rate is shifted only 0.25%.
So is anyone calling for the UK to have the ECB interest rate? Because that is what entering the Euro will involve. The British economy has long followed a different path from that of many other European countries and frequently the two interest rates have moved in opposite directions because of this. Joining the Euro is not going to change all this. Nor is it going to be a magical solution to current economic problems.