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The argument is, essentially, that if the Euro does survive it will be by instituting among other things a fiscal union and a banking union and thus it will hollow out the policy functions of the "EU minus Euro". At that point, there will be little difference between being in the EU but outside the Euro, or being outside the EU (Like Switzerland, Norway, Iceland or Liechtenstein).

The Euro will outlivebury us all --- Jean-Claude Juncker
by Migeru (migeru at eurotrib dot com) on Sun May 5th, 2013 at 04:45:13 PM EST
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The argument was made, for instance, by Wolfgang Münchau: Euro and trade will make EU irrelevant (FT.com, January 27, 2013)
What is the point of the EU beyond the eurozone? This is not nearly as flippant a question as it may seem at first sight. It is, in effect, the question Britain will ultimately answer if it has a referendum on membership. But since the preservation of the eurozone is turning into the EU's principal preoccupation, what is in it for a non-member such as the UK?

...

As a loud critic of the eurozone's crisis response, I am under no illusion about the speed of a secessionist single market. The current agreement for a banking union does not qualify. But the eurozone will ultimately end up with a proper union that covers all banks, and which includes resolution powers, deposit insurance - and usurps whatever is left of the single market for financial services.

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Faced with the combined development of a eurozone economic union and a transatlantic free-trade zone, the added benefit of EU membership loses appeal if most of that benefit can be had outside. If one is absolutely certain that one will never join the eurozone, there really is not much of a point to being a member of the EU.



In the long run, we're all misquoted — not Keynes
by Migeru (migeru at eurotrib dot com) on Sun May 5th, 2013 at 05:52:44 PM EST
[ Parent ]
Migeru:
At that point, there will be little difference between being in the EU but outside the Euro, or being outside the EU (Like Switzerland, Norway, Iceland or Liechtenstein).

And what the reason UK can't be in the EU in such circumstances? Phantom empire pains preventing it from being in a club with a B-class membership (unlike Switzerland, Norway, Iceland or Liechtenstein)?

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by A swedish kind of death on Mon May 6th, 2013 at 04:58:42 AM EST
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