Democracy is the biggest casualty in the breathing space bail outs of Greece and Italy, as the eurozone installs Europhile technocrats to push through its austerity demands. Britons should give regular thanks for their country's narrow escape from membership of the single currency.
Economic life is tough enough now but at least we have been spared having to pass round a desperate begging bowl, which would have been our fate had we ever joined the euro.
The Bank of England wouldn’t have been free to slash interest rates and print money. Together with George Osborne, at least giving the illusion he is serious about tackling borrowing, we’ve preserved our AAA credit rating.
The 'safe haven' front page headline in today’s Financial Times is mis-leading - our plight is just less worse than some others. But we are indeed in a far better place than had we joined the euro.
We already have a Coalition running the UK. Had we been in the eurozone, we would be faced with the creation of a government of national unity such would be the price of the draconian cutbacks demanded of us.
This poses the question that among the three parties who would be sufficiently pliant to be accepted by our international lenders?
Brussels credentials would be essential. They’re in short supply among the Tories, which would probably mean the nation would have turned to Ken Clarke in its hour of need.
Nick Clegg would be a no-brainer from the LibDems but who from Labour could fill the bill? My Lords Kinnock or Mandelson, of course; Brussels having rescued both their political careers and bank balances.
It doesn’t matter which. They would be taking the same orders from Germany and the IMF.
Nor is it a problem that they would be sitting in the Lords should they choose not to renounce their peerages. Democracy in Britain would be reduced to a charade, as the Greek and Italians are discovering.