Britain has become a semi-detached member of the European Union, both psychologically and politically. But the eurozone crisis is likely to alter that situation further, whatever its outcome. The status quo for the eurozone is untenable: it will either become more integrated or disintegrate. Either way, the European Union will be transformed and so will Britain's place, whether inside or, quite possibly, outside it.
Martin Wolf is chief economics commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000 ‘for services to financial journalism’. He has been a forum fellow at the annual meeting of the World Economic Forum in Davos since 1999 and a member of its International Media Council since 2006. In 2010-2011, he was a member of the UK government's Independent Commission on Banking.
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