"I was in the Treasury when we were in the Exchange Rate mechanism, and I said to myself: "Never again should we give up control of our domestic interest rates." If I am Prime Minister and for as long as I would be Prime Minister, I would never take Britain into the euro, full stop, end of story. We should never have got ourselves into the financial mess that we are in but at least we have the flexibility of our own currency and our own interest rates."It's the position I have taken ever since the euro came into being (and before, now I come too think of it!). If we were in the euro now, we would be like Ireland and Greece - totally in the hands of the European Central Bank, unable to do what is needed for our own economy. If you give up your currency you effectively give up your right to self government. Government is all about saying what you’re going to do and how you’re going to pay for it. Giving up your currency cedes the second part of that sentence to a Central Bank which by definition does not act in the interests of any one country.
A year ago, Nick Clegg wrote in the Independent that we should now consider joining the euro. People need to be reminded of that.
Whenever I am asked this question at parliamentary selections I commit to never voting for the euro and saying that if I ever did the Association should either deselect me for going native, or section me. I'm delighted David Cameron takes the same approach and has said so.