Why Europe needs to resolve euro trilemma amid chances of Brexit

IN April 1978, I attended the European summit in Copenhagen as British foreign secretary. There, I first heard Helmut Schmidt and Valéry Giscard d'Estaing, the German and French leaders, spell out their ideas for European monetary union. Little did I realise they were outlining a project that was doomed to destroy Europe's then slowly evolving unity.

In retrospect, this was the first outward sign of the "vice of pre…