Search League Tables  Saturday, 08 March 2014  Historical
mistake  UK shouldn't quit the EU - it should join the euro
Nothing could be further from the mind of David Cameron than
leading the UK into the euro zone. In his recent speech on
Europe, the British prime minister dismissed the possibility of
joining the single currency. He wants to give Britons a
referendum on quitting the European Union altogether. It may
make political sense to be hostile to a currency used in just
about half of the UK’s foreign trade. The economics argue the
opposite.  Even if Cameron were tempted, the idea of joining the
euro today is impractical. The UK is not permitted to do so
until the ratio of its sovereign debt to GDP has fallen from the
current 88 percent to 60 percent. The decline won’t pick up
speed until the fiscal deficit - about 6.2 percent of GDP over
the last four quarters - is something closer to the new euro
zone members’ upper level of 3 percent of GDP.  Still, the
reasons for the last official judgment of euro