Conclusion (My opinion)
In the recent past membership to the euro zone was a major issue due to lack of enthusiasm and public awareness. In spite of all this the British economy stood out and did well for herself without being a member of the euro zone. In my opinion UK should not become a member of the euro zone as she has to follow the fiscal and monetary policies framed by the ECB, thus restricting a healthy economic growth. Presently the economic slow down in the UK is not because of having her own currency or monetary policies but because of global recession. The recession is in itself a litmus test of why the UK should not become a member of the euro zone.
Infact during such crises where recession takes its toll on a country it is always better to have autonomy over monetary policies and interest rates so as to frame them accordingly for the benefit of ones own economic growth. In case the euro zone they will have to follow the euro zone’s fiscal policies which will be uniform to all the member countries making it difficult to come out of a crises like recession, since the interest rates will be decided by the ECB considering all member countries as one entity, which may or may or benefit the UK economy for e.g. if the euro economy recovers after the UK economy the interest rates will rise slowly making it difficult for UK’s economic recovery one such instance is that of the housing industry in the UK which clearly indicates that UK is very sensitive to fluctuations in the interest rates as mortgage variables is a major issue which means that a fluctuation, that is either a small increase or decrease in the interest rates has a enormous effect on the consumers buying power. Therefore it is very important that monetary, fiscal and the rate of interest is controlled and framed independently along with corresponding policies to suit the UK economy. The benefits and advantages of being a non member of the euro zone are manifold and good for a strong and healthy stable economic growth for the UK.