“If we stay out, the dangers of falling further behind the core of Europe will steadily increase”
Why Britain should join the euro, Britain in Europe, October 2002
But, far from behing “behind”, the UK is already ahead of the eurozone, and by a substantial margin.
• The UK’s prosperity ranking has improved from tenth in 1998 (the last year before the euro came into being) to fourth in 2001.
• The UK’s GDP per capita is 19 per cent higher than the weighted GDP per capita of the eurozone.
•The weighted average GDP per capita of the three EU countries outside the euro, the “Outs”, is 21 per cent higher than that of the eurozone.
• The two biggest eurozone countries, Germany and France, accounting for more than half of eurozone GDP, rank tenth and eleventh out of fifteen.
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