Yes, I know, he\’s now on the leader writing team at The Times. Still missing some understanding of economic history though (if one can say such things about such an august figure?)
The issue of euro membership is whether the benefits outweigh the costs. A useful test is whether the opponents of the euro consider that that calculation has been affected in any way by the greatest financial crisis since the 1930s.
Britain\’s escape from the Great Depression was in fact triggered by our coming off the gold standard in 1931. A standard we\’d joined at too high a rate in 1925. The calculation therefore is that in times of great stress on the economy we don\’t want to be locked into a fixed exchange rate system.
I do agree however that the issue with the euro is whether the benefits outweigh the costs. As my answer (and that of reputable economists as well) is "no" then that rather settles the matter, doesn\’t it?