Whither (or Wither) the Euro? Labour and the Single Currency

New Labour has always claimed consistency in its euro policy, yet its position has undergone significant modification since Blair became party leader: early enthusiasm has given way to uncertainty. Labour's shift is commonly ascribed to political factors. This article argues the primacy of economics. Labour has a better understanding of Europe's importance to Britain than perhaps any post-war administration but, as its euro policy demonstrates, its 'new' approach to Europe is substantially a traditional one.