Britain in Europe: sterling or euro currency choice
2 July 2012 Last updated at 12:09 BST
The eurozone problems may have dampened enthusiasm for the UK joining the single currency - but some still reckon Britain could one day join the troubled euro.
Tony Blair, Charles Kennedy, Ken Clarke and Peter Mandelson united to make that call a decade ago.
David Thompson spoke to Philip Stephens, Financial Times associate editor and Lord Monks, who was TUC general secretary 1993-2003, on what might have happened if Britain had signed up.