The euro used to be at the heart of political debate in this country. Now you would be hard pressed to get the two main parties to reveal their policy on the subject.

Clearly there have been other fish to fry as the nation’s public finances became the worst in the G7. But for many business owners, our estrangement from the eurozone is a costly source of frustration.

There are manufacturers who are benefiting from the weak pound who still see the long-term virtue of forming a fiscal union with our continental neighbours. Rather than tweaking VAT or making the right noises about NI contributions, the removal of currency risk when conducting transactions in the eurozone would be an instant, massive boost for a large number of businesses.

Loss of control over our economy is the counterpoint to the pro-euro argument. For one, the £200 billion of quantitative easing would not have been possible if we were a member of the eurozone. We would also lose the ability to set interest rates as official base rates fall under the jurisdiction of the European Central Bank.

But that control has come at a real cost. Independence is fast looking like isolation as when British businesses sell in the EU prices are heavily scrutinised. When you consider that the European economy is worth £10.6 trillion (more than the whole US economy) and that EU exports remain ahead of those of China, it’s evident that British businesses are being held back at a time when they need to be more competitive than ever.

Seven years ago Gordon Brown said that he had ‘no doubt’ about the benefits to Britain of joining the euro. The subject has barely feathered the political Richter scale in this election. That doesn’t mean the euro question has gone away as inevitably questions will be asked if quantitative easing fails or businesses decide to really start lobbying the ruling government.

The irony is that when emotions about the pound are put to one side and the decision is finally made to sign-up to the euro, we might not even meet the set criteria to join.

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