Britain is blessed in having an integrated economy and the ability to depreciate sterling. The eurozone, by contrast, is cursed by its fragmented nature, internal contradictions and fixed exchange rates for individual members. Stuff like this is said a lot in the UK. Lord Lawson, a former chancellor, even argued this week Britain would be better off outside the EU. We should be more careful.

Before patronising our European neighbours with simple solutions to the eurozone’s problems, people in Britain should take more interest in the failures and contradictions of the sterling currency area

Britain certainly cannot boast about a far superior absolute economic performance. While gross domestic product in the European single currency area languished 3.3 per cent below the 2008 peak at the end of last year, the UK’s shortfall was only a touch better, at 3 per cent below the peak.