It is to rule out Britain's membership of the euro on grounds of constitutional principle for always. It is a perfectly principled position. It argues, no matter what the benefits in terms of jobs or industry or even influence, such a decision is simply wrong, on grounds of sovereignty. I cannot accept this. For the reasons I gave earlier.
Sovereignty pooled can be sovereignty, or at least power and influence, renewed.
I suspect even if we were today to rule it out in principle and for ever, then in a few years that ruling would itself come under question and in the meantime we would have lost all influence whatsoever in the economic future of the EU of which we remain a member. The second position is an unconditional 'yes, now'. It is to say that economic conditions are meaningless and we should join regardless. But I believe the conditions are meaningful. It is precisely because the conditions are meaningful that we have said, to give some greater certainty to business and the country, that, barring unforeseen circumstances, we would not make a decision this Parliament to recommend joining the euro.