Moreover, although the ECB has, on the whole, done a pretty good job, it has displayed marked characteristics which may be very unhelpful in current circumstances.
During its 10 years of existence, it has regularly been slower to respond to events than other central banks and less willing to change interest rates as aggressively.
And just think how bad things would be now if the UK had adopted the euro at its formation in 1999, as the europhiliacs then urged.
Our interest rates would have consistently been nearly 2pc lower than they in fact were. The result would have been an even bigger bubble in our housing market, leading to an even larger collapse and a deeper recession.
Second, it is all very well saying that the pound is now at a competitive level, but if we had already joined the euro the pound would not have been able to fall to this level.
And if we were to join it now, it would not be able to fall in future recessions – or to rise, if circumstances so required, as, believe it or not, some day they might. The simple fact is that there is no right exchange rate for all seasons. The key is to retain flexibility.
Without the recent 20pc fall in the pound, the UK's recession would be much deeper and much longer.
The ability of a more competitive exchange rate to boost activity is even more crucial when the capacity of lower interest rates to stimulate demand is impaired by the banking crisis.