At the beginning of June The Chancellor of the Exchequer has to determine if our economy has passed the five test that would allow the UK to adopt the Euro. Nobody is expecting him to say that all five tests have a “pass”. In fact, from what I have read, most will fail. What I’ve found interesting in my recent reading is that I have not read a great deal about the political future of Europe. It’s all about the economic impact on the UK and not about our role in an enlarged Europe (with or without the Euro). Of course, the economic impact is important but those who predicted that the UK would be pushed to the edges of European politics if not part of the Euro-zone seem to have been proved wrong. I think this is interesting because, to a certain extent, it weakens the argument to adopt the currency. If the UK continues to be able to play a significant role in Europe do we need the Euro? It’s an interesting shift in the argument.

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