The cost of rescuing the UK's banking system completely would leave the national debt at levels higher than were seen during the Second World War: it would effectively bankrupt Britain. Even as things stand, the levels of public debt now being planned will place a considerable burden on taxpayers for decades to come, with depressing effects on growth and living standards. That may be inevitable, and the price we must pay for our 16-year-long boom, but lower (relative) growth in the UK compared to Europe will once again become a fact of economic life, as it was for much of the 1960s and 1970s, creating investable envy. At that time our comparative weakness propelled us, often unwillingly, towards membership of the European Community which was seen as the answer to our economic problems. The same logic may push us into the single currency.

Assuming you are welcome, eh? You see, that logic lets the UK export its problem to the rest of us in more ways than all the bad CDOs and other financial instruments the City has been hawking with the Americans...

The resources available to the British Government are dwindling by the week compared to the challenges we face. Because many European nations, notably Germany, have run their public finances more prudently than the UK they now have more room for manoeuvre for bank rescues and general reflation than we do. It would be crude to say that by joining the euro we could get the Germans to pay for our financial mistakes, but not so very far away from the truth - though Berlin might not relish that invitation.

Well, there's that...and...but...could the euro nations say "non" to Britain again?

Yes. Just like General de Gaulle way back in 1963. One very big problem could be the UK's budget deficit. We've already been told off about this by the EU Commission, because we were running a budget deficit above the Maastricht Treaty's 3 per cent limit even in the good times. The fact that the deficit will hit 8 per cent of GDP, or more, over the next few years makes it still more difficult for the UK to join the eurozone on the existing rules. Indeed, many EU governments might be secretly grateful for an excuse to turn down the profligate British and their busted banks.

Well, the good General had a point, but it's probably too late to go back to his wisdom of before my time...nice as it sounds. But I for one say let 'em in...at fifty eurocents a quid. That let's 'em pay retail for the wholesale neo-liberalism they've been Trojan horsing into the EU for all these years, helping put more than a few new entrant EU nations in dire financial straits. Worried they flood us with cheap UK-made products at such an exchange? Beyond financial services (which no one is going to buy from the English anytime soon), what do the make?

So welcome to the Eurozone, Great Britain, at two quid the Euro, you can't go wrong...