The aim was to bind the European nations together, and it has done so. Even more important, a quarter-century later it is clear that it has been a considerable political success. Despite fears of chaos, of price gouging, and of distrust of an untried currency, the transition was remarkably smooth. This is in sharp contrast to the mood in the countries that did sign up. Back in 2003 a poll showed only 29 per cent in favour of UK entry, and 62 per cent against it – the remaining nine per cent were ‘don’t know’s. While there was general support to remain a member of the EU for most of the period since 1973 and the referendum to leave in 2016, there was never a majority in favour of dumping the pound for the euro. Was this the right decision? More of the economics later, but it is important to separate membership of the EU and joining the euro.
