Britain at the crossroads: the single currency

The concept of the single currency, to be adopted by the majority of the members of the European Union, is difficult for the general public to understand because of the lack of coherence of the objectives of its advocates (bureaucrats, ex‐bureaucrats, academics, labour leaders, multinational business, and politicians). The general economic arguments for the single currency do not add up. Europe is not an ‘optimal currency area.’ A one‐size‐fits‐all monetary policy will impose great strains. It is not necessary for Britain to participate in this enterprise. Britain does not need the euro, any more than Canada needs the US dollar. The ideal role for Britain is to be at the margin of Europe as the interface between Europe and North America