Britain needs the euro

Columnist Will Hutton argues in The Guardian that only the euro can save the UK from financial crisis: "International investors will single out Britain's banks as the weakest in the international system with only a medium-sized country behind them. Britain will need its own Paulson plan to respond, but has not got the financial firepower. ... [Opposition leader David] Cameron and [Prime Minister Gordon] Brown are united in saying they will do what is needed and not allow political differences to get in the way of financial stability. Good, but do either realise what may be needed in a worst case? The only viable British Paulson plan - bar a £500bn-plus international loan - may require us to join the euro to win the support of the whole of the European economy and European Central Bank as part of a pan-EU initiative to create 'good banks' for Europe."

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