Ken Clarke’s dismissal of the euro as a “failure” is somewhat like a cardinal telling us that God doesn’t really exist. The sceptical voice of the former UK Conservative chancellor adds to the chorus of pessimism about the euro that has reached a crescendo after the No votes in the French and Dutch referendums.

In fact, what he says is more measured. And he is obviously right that Britain will not join the euro in the near future. I agree with him that the cautious approach to entry by Gordon Brown, the current chancellor of the exchequer, is right at the present time. But is the euro really a “failure”?