The Euro economic tide is turning; will politics follow?

The economic debate in Britain is swinging in favour of the euro, judging by the new initiatives coming from Brussels, Frankfurt and Paris together with Gordon Brown's upbeat Mansion House speech.

At first reading, the Mansion House speech of 18 June appears conventional enough; only one test is met, there is the need for greater flexibility and so on.

The five tests

But look more closely; Brown makes four key points in his speech. First, although the City is doing...