THE pound will shortly be replaced by the euro, and there will be massive public support for the move.

I am, of course, talking about the Cyprus pound, which has been linked to the euro ever since the common currency was launched four years ago.

Ten more nations will join the European Union next year. Most will move swiftly to adopt the euro, and there is little doubt that the UK will eventually opt to do the same.

We shall do so late, having lost inward investment, manufacturing jobs, and political influence.

The terms of our entry will be dictated by those who had the courage to join the club when it was first created.

It's an old story. We joined the EEC late so were saddled with agricultural and fishing policies not to our liking.

We said the euro would never happen, then that its launch would be a failure. We were wrong on both counts.

All the press speculation I have read about the Chancellor's forthcoming announcement on the results of the so-called 'five tests' suggests that history is about to repeat itself.

Chris Davies

LibDem MEP for the North West