Christina - that jives with my understanding

and also that Italy, France and Germany and others would perhaps not meet the criteria today they prescribe for new members

UK either now i would think

This may be a mute point, but don't
you mean jibe?

Don't you mean Moot?

:-)

a mute point - i like that!

I'm intrigued by the thought of jiving with PQ's understanding.

The factual point is that <i>new</i> members (joining since the Maastricht Treaty of 1992) have to sign up to join the Euro, as and when they meet the technical economic requirements. Denmark, Sweden and the UK, as members already in the EU at that time, secured an opt-out, rather than refusing to agree to a Treaty setting up the single currency, as they were legally entitled to do.

The issues for and against are partly technical, to do with the relationship between the different members' economic cycles and the levels of their budget deficits (one of the primary commitments to eurozone membership is maintaining budget deficits within fairly tight constraints), and the effect of a common central bank rate on the economic situation of different countries. But it's also about how much value you attach to decisions about central bank rates being taken in your own country, and whether you think they are truly independent decisions anyway. I don't profess to have an answer on either count.