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Take a leap of faith. Assume that, despite the woes in Greece, Italy and elsewhere, the roughly sketched out eurozone rescue plan succeeds in saving the currency union, in some form. Assume that the eurozone, whoever is in or out, is set decisively on the path of closer fiscal union and collective debt liability. Assume that all the consequent decisions about eurozone structural reform and the difficult political adjustment required are put in place. If the euro crisis is to be resolved in the long term, these things have to happen. Where does this leave Britain?

For most British Eurosceptics,…

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