The often excellent Martin Wolf departs from the Financial Times' "Euro NOW!" party line in his analysis of the Euro decision. There's some very pretty graphs, and the models of what might have happened if we'd joined the Euro/EMU back in 1999 are not encouraging for Euro enthusiasts. Yet, in the end, Wolf recognizes that this is a political, not an economic matter:
Where does this leave us? In limbo, is the answer. That is also where we are likely to remain for some time. I, for one, think that is the right decision for a country as sceptical as the UK about the implications of the currency union. And if you doubt this scepticism, take a look at how the government has approached this decision. It is because of British doubts that it has stressed the need for a clear and unambiguous assessment only of the economics. Not so much through its substance as through its style, this entire exercise shows that the British are not ready for membership.
That's something the FT/WSJ internationalist types need to hear.