It had to come: UK deemed unworthy of the euro

A report in the Daily Telegraph last week stated that the European Central Bank has deemed Britain unfit for monetary union, even if it wants to join, following the dramatic slide in sterling and the explosion in the UK budget deficit. The rules were waived for political reasons to let Italy, Belgium and Greece into EMU, but terms are becoming stricter as the ECB seeks to exclude East European states before they are ready.