Tony Blair is evidencing a greater sense of reality when he holds that his country’s future lies in the heart of Europe. The question is, however: is he talking about the next few years or about the distant future? The British are hesitant about European integration, as they have always been.
The UK only joined the EC in 1973, when they were sure of its success. A similar process would seem to be taking place where EMU is concerned. At first, the UK was eager to be in on the process, completely liberalizing its capital movements, but it subsequently demanded an opt-out clause so as not to be forced to take further action.