The UK should've adopted the euro as its currency.

I am not pretending that the referendum didn't happen and resulted in the way that it did or that the UK even qualifies for it and it would not be difficult for it to do so. That is why I have framed it is a should have rather than just should as well as a point I am going to make. However, new members can't opt out of this so it could still be back on the agenda but this is a long way off.

1. Joining the euro would show commitment to the project rather than just being half in and half out as the UK has been for a while. Before the referendum the EU was just seen as something as convenience rather than as a political project. Even the remain campaign during both referendums focused on the economic aspects rather than the political one. It is also harder to get out meaning that there is more pressure to make it work.

2. The euro is a huge area of policy making and would be more so in the future therefore the UK is left on the sidelines by not being inside of it. The most effective way to reform an organisation is by playing a role inside of it and not by leaving it. Post Brexit the UK will just be another third party player and can not hope to influence policy. While the UK has opt outs, in many other areas this is by far the most far reaching one of them. An opt out shared only by Denmark who have an ERM peg with it and might still join anyway in the future.

3. Like it or not the world is becoming more globalised and the countries that have the most power in the world are the ones that are bigger. The UK makes up 2.36% of the worlds GDP, while China makes up 17.082 % even a developing country like Indonesia is higher. While many in the UK might not like being 2nd to Germany it is still better than being where it is not part of that bloc.

4. Being in the euro at the start, would've helped the UK influence how the euro was formed and might of even made sure that many of the mistakes during the crisis were averted. Even if it joined at a later date it would be better for the UK to be shaping it at the heart of the EU than on the side lines.

5. It removes transaction costs and makes cross border billing easier with 19 other countries, this has clear advantages for tourists, business and people who live in those countries etc.

6. It would create more stability as a larger currency area is less likely to be vulnerable to fluctuations.

7. It would make the EU more apparent and foster a sense of identity. Part of the problem with the EU in the UK it seemed quite distant and thereby easy to demonise.

8. The UK is an open economy with 40% of trade with the EU. This hasn't declined in recent years but rather as a percentage share.

Common criticisms

'The British public will never accept the euro'

People quickly get used to it like anything new and can be persuaded to accept it. The euro has pretty strong favorably scores in many countries that use it. The UK has been subjected to an aggressive propaganda campaign against it which makes it harder but not impossible.

"What happened in Greece"

The Greek crisis was caused, primarily because the government borrowed too much and tried to hide it, they also didn't make enough economic reforms to make it viable. Granted they wouldn't be allowed to borrow so much if they weren't in the euro but just because they can doesn't mean they should. Debt shouldn't be a problem for the UK as France has a high debt but doesn't have many of the problems that the UK does.

"The pound is part of the identity "

So are a lot of things at one point but things change overtime. Are we going to pretend that countries that have joined are not themselves anymore? When that is clearly not the case beside if you think that you identity is currency deep you don't have much of an identity to begin with. Some cultural distinctions are carried through on the euro as each country has its own coins.

"The euro is incomplete because it is not a fiscal union"

I agree with this as the euro has many flaws but they have been overstated by anti-euro people who want a convenient scapegoat. The perfect fiscal union doesn't exist either as no major economy is a proper fiscal union. This also doesn't mean that the eurozone won't be more complete in the future.

"The UK avoided the crisis because of its currency"

No it didn't. While the UK did have a lower unemployment rate than the eurozone [it has one of the biggest reduction of wages in the OECD] (http://touchstoneblog.org.uk/2016/07/uk-real-wages-decline-10-severe-oecd-equal-greece/), with only Greece being worse. There are quite a wide range of economies in the eurozone with Greece being the exception rather than the norm. Some like the Netherlands, Austria and France weathered the crisis pretty well. While Ireland, Spain and Portugal have made decent growth since then.

"The euro caused austerity"

No, it didn't austerity was forced through because of ideological reason more than anything. The UK still had austerity despite having its own currency.

"It is good to have control over your own currency"

Currency control is largely an illusion and governments don't have control over it as central banks do, many of which are independent from government control. Currencies tend to follow market trends rather than being able to be manipulated at will. Things like devaluation are done because it looks good rather than being effective. Devaluation has many disadvantages as well and there are more effective options available. For every example like Argentina you can point at somewhere like Lithuania or Bulgaria where they didn't. The pound has also been constantly valued higher than the euro with little effect. Things like interest rates are dictated by markets as well and countries are punished for it.