A doomed currency - Telegraph
When the euro notes and coins were launched five years ago today, the question was who would be the next to join; now it is who will be the first to leave. Of the 15 EU members on January 1, 2002, it is the three that stayed out — Britain, Denmark and Sweden — that have prospered. The two Nordic nations have voted by handsome majorities to keep their currencies. In both countries, political leaders warned that a "No" vote would lead to a downturn; and in both countries, the "No" was in fact followed by a surge in the stock exchange, a fall in inflation and a drop in long-term interest rates. In Britain, public opinion is granite hard for sterling, to the extent that no serious politician proposes joining the EU currency, and the lobby group set up to campaign for it has folded.
Meanwhile, opinion within the euro zone has shifted. In France and Germany, majorities say they would rather have kept their old money. In Italy, some shops have started to accept lire again, to the delight of their customers. It may well turn out that membership of the euro has peaked at 13 with Slovenia's accession....
How funny to look back at the predictions of the Heseltines and Pattens and Kinnocks. Had these men been City forecasters, they would all now be out of a job. But, for some reason, we continue to invite them to pontificate on the BBC, to decorate and defer to them. Odd, really.