... interest rates and, indirectly, jobs, trade, investment and economic growth. It is in this realm that the intellectual battle for and against the euro is fought out most intensely in the UK. Since Britain's economic cycle has historically been out of phase with those in mainland Europe, the economic issues are particularly thorny for us. In contrast, the economies of Belgium, the Netherlands and Austria were already so closely tied to that of Germany that the economic issues arising from uniting the currency as well were less significant. Do we really want the same interest rates as the rest of Europe? No The main danger of the euro is the 'one-size-fits-all' interest rate, imposed across the continent from Ireland to Austria, Portugal to Finland, by the European Central Bank in Frankfurt. If our economy is ever out of step with Euroland, that interest rate will be wrong for us and we ...

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