If the UK was a euro member, it would not be waiting to see what the French, Germans and the rest come up with but, instead, would be playing an active and central role in the search for solutions.
In all the discussions about the eurozone's future, British ministers are urging the leaders of France, Germany and the others to get their act together, much to the irritation of President Nicolas Sarkozy and perhaps some others.
The UK will benefit from an increase in intra-European trade flows and higher capital investment resulting from the development of a single currency.
A European central bank will focus on economic conditions across the community and so will have a less volatile interest rate policy than the Bank of England, or other central banks.
The single European currency also stimulates trade activities and free movement of capital, goods and people
Hence, negative signals reported by the French or German economy could result in depreciation of the euro exchange rate as a whole
Forex traders around the globe take decisions whether to buy or not to buy euro depending on data about the national economies of the countries participating in the Eurozone.
interest rates in Britain are permanently higher than in the zone, largely because of anxiety to maintain the value of the pound
All exports to, and imports from, the zone suffer the penalty of currency transaction costs, which also fall on every British traveller (business or tourist) to any of the 15 countries currently in the zone.
You can decide to take the risk of running a large globally active financial sector with a local currency like sterling or the Icelandic krona, but you will be taking an unnecessary and costly risk.
To have a large, internationally active banking sector and financial system, your currency has to be a serious global reserve currency if you are to be able to provide the lender of last resort and market maker of last resort services required to minimize the risk of a bank run or market liquidity crunch bringing down large chunks of your banking system.