The eurozone isn't Europe

„The EU must, first and foremost, end the pretence and establish that all 27 members are free to enter or leave the eurozone while staying in the EU. Then it must introduce a number of practical revisions to introduce Exchange Rate Mechanism II into the criteria for entering the eurozone; formalise the Swedish position outside the eurozone; create greater cohesion by authorising the president of the European council, as has been requested by the eurozone countries, to chair the informal meeting of the Euro group but also informal meetings of a new non-euro group. It must also introduce within the Euro group a more disciplined framework for handling fiscal and debt policies, all of which are compatible with existing EU monetary objectives.

Another change is that the IMF, not the EU, must supervise any default and transition from the euro grouping to the non-euro grouping, guiding members through establishing a new national currency that would be devalued. Transitional management is something the IMF has done successfully many times in the past. This would be a far more cost-effective use of any British expanded IMF facility than keeping the weaker EU countries in the eurozone when they are already either in default or inexorably headed towards it.”