AFTER years in the planning, the European single currency is now a reality.

The United Kingdom, together with Denmark and Sweden, are the only countries yet to enter the eurozone.

Here, Radcliffe-based Gary Titley, one of 10 North-west MEPs which represent Bolton, argues that a referendum should be held soon, and a vote in favour of scrapping the pound would be the best outcome.

FIVE weeks on from the New Year's Day launch of the euro, many people in the 12 countries that switched to the new currency are now wondering what all the fuss was about.

The switch-over was a massive logistical operation. A staggering 3.5 million vending machines had to be converted and over 16 billion euro notes and 50 billion coins had to be distributed across the 12 countries.

When January 1 finally dawned, things went far smoother than anybody expected.

People were allowed to use both their own currencies and euros during a short transitional period.

But most changed into euros within a few days, making the dual currency arrangements virtually redundant.

My first encounter with euros came in Ireland, just after New Year.

I was pleasantly surprised to find how well the change-over had gone.

Shop assistants, bar staff and waiters all told me how quickly they had adapted and that it was not such a big deal.

That view was reinforced when I returned to Brussels after the Christmas and New Year recess.

The European Parliament canteen had originally assigned half its tills for payments in Belgian francs and the other half to receive euros.

Yet, within days, only one solitary till was still dealing with Belgian francs.

With the successful introduction of the euro, Europe has changed. Across 12 countries it is now possible to compare prices properly. This will lead to greater competition and ultimately give consumers a better deal.

The euro will also force governments to implement the sort of economic reforms, which the British Government has long been advocating.

Radical change is crucial, if the eurozone is to respond rapidly to changes in the world economy.

Already, Germany and France have carried out economic reforms that, a few years ago, they would have never even considered.

Much more still needs to be done. The real challenge now facing the euro is the chill-wind of economic recession blowing across from America.

How the new currency responds to that will decide its future.

The introduction of the euro has not just changed Europe, but also the nature of the debate here in Britain. The argument is no longer about whether we think euro is a good or bad idea -- it's already happened.

The key question now is whether joining the euro would be good or bad for Britain.

On that, there are a number of issues to consider. Most of our trade is with the eurozone -- nearly 70 per cent in the case of the North-west.

Eight of the top 10 markets for British exports of goods and services are in the EU.

We export four times as much to the EU than the USA. Being outside the euro could damage that trade, as we have already seen with the high pound.

Over the last decade, almost £6 billion of investment in the North-west has come from outside Britain, creating 100,000 jobs.

That is because we are seen as the gateway to a European market that will grow to 500 million people in the next few years.

Remaining outside the eurozone might jeopardise that investment and will probably lead to higher interest rates, which is neither good for businesses nor private borrowers.

The eurozone is not without its own concerns over interest rates, especially whether one rate fits all 12 countries, but we could ask the same question here in Britain.

Does one interest rate, largely reflecting the economic fortunes of London and the South-east, serve the best interests of regions like the North-west, given the current state of manufacturing

I have worries about the way the European Central Bank, which has responsibility for the euro, is run.

But, if Britain was to eventually join, I feel sure Chancellor Gordon Brown would soon get to grips with that particular problem!

Ultimately, if Britain stays outside the eurozone, we shall have very little say about what goes on inside.

The two other non-eurozone countries, Sweden and even Denmark, could well hold referenda on euro membership within the next 18 months. "Yes" votes there would leave Britain very isolated.

The arguments about the euro are certainly not black and white.

It is a complex subject, but it boils down to whether prosperity and jobs in Britain will be easier to secure inside or outside the euro.

The answer to that, I suspect, lies in whether you think Britain is stronger on her own or working towards a common purpose in conjunction with other countries.

What is clear, though, is that we will have to make up our minds soon.