To save the euro, the countries that share the currency have to move closer together, that is clear. It is equally clear the UK wants no part of this.

Calls for a UK referendum will grow and grow. Some economists have already starting drawing up cost benefit analysis.  And no doubt many will consider that the UK is better off going it alone.

As for the British public, there has to be a good chance that they, dominated as they are by island mentality and a slight sense of superiority and shameful anti EU rhetoric from the UK press for two decades, will vote for us to leave the EU.

If this were to happen, it would be a sad, perhaps terrible, day.

It is all very well looking solely at the economic arguments, but there is more to it than that. The UK tabloids are too quick to point out the shortcomings in Europe. Just remember that the UK has managed to fall into a very nasty downturn too. The UK is not suffering like Spain because the UK has its own central bank. But we have no reason to be smug, or feel superior.

But what about culture? Do we not benefit by moving closer to Europe culturally? Is it not a good thing that Brits can easily move to another European country?

And look at foreign relations. The US seems quite capable of electing a leader that could lead the world into chaos. Europe can act as a counter to some future US President holding views so far to the right that Attila the Hun seems like a reasonable guy. Europe needs the UK to be a pro-active and cooperative member. And the UK needs Europe too.

©2012 Investment and Business News.

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