There are three possible outcomes for monetary union: the whole of the EU goes ahead with the project, which will bring an economic depression to Europe (and the UK); continental Europe goes ahead and the UK doesn't, which will still cause a depression on the Continent, but our economy should be able to survive successfully; the third and ideal outcome is if the whole project is abandoned, which will allow Europe's economies to experience reasonable economic growth for the first time this decade.
The UK has a definite interest in Europe's affairs - for which we should still be part of Europe. Besides a desire to avoid conflicts such as Mr Keleny described ever being repeated, a significant amount of British trade depends upon the economic performance of our European partners. For these reasons Britain should still maintain a degree of influence in European affairs, as it has done in the 18th and 19th centuries - and I believe Mr Keleny misjudges the Euro-sceptics in thinking they do not want this.
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