BIS head Crockett warns UK on euro rate

UK - Andrew Crockett, a strong candidate to become the next governor of the Bank of England, has cautioned that competitiveness could be hit if the UK joins the euro at too high an exchange rate.

Mr Crockett was giving a speech to mark the 10th anniversary of sterling's exit from Europe's exchange rate mechanism, ERM.

He said there were dangers in fixing a rate either too high or too low, but that "the dangers of too high a rate may be greater than the dangers of a rate on the low side".