EU referendum: Britain must seize its global future

London

IN his new book The End of Alchemy, Mervyn King, the former governor of the Bank of England, devotes a chapter to the European Union.

In it, he points out: "The crisis of monetary union will drag on, and it cannot be resolved without confronting either the supranational ambitions of the European Union or the democratic nature of sovereign national governments. One or the other will have to give way. Muddling through may continue for some while, but eventually the choice between a return to national monies and democratic control, or a clear and abrupt transfer of political sovereignty to a European government cannot be avoided."