I therefore hope that, when the current debates are resolved, the UK returns to that position. That said, it is clear now that the euro area will move faster than others in terms of economic and political integration: there will be a Europe of different speeds, with the euro area as its engine. But this need not be a threat to the EU.
The key is to ensure that integration remains open to all: the Fiscal Compact, where 25 out of then 27 countries chose to join, and the SSM, which is open to non-euro area countries, show how this can be done. Moreover, as we have seen today in the case of Latvia, the euro area is still attractive to new members.