Does that mean the [U.K.] government thinks the single [euro] currency is the Titanic, just like the gleeful backbenchers and columnists who were so happy this weekend? I hope not.
I think that the Titanic is a misleading analogy. Once the Titanic sank beneath the icy waves, it effectively ceased to exist. If the euro blows up, the consequences will be horrible and long-lasting.
I have a new analogy to propose. I think the British government should think of the euro as the Chernobyl nuclear complex. They think it was badly designed, and thus was always a bad idea. They are very glad not to have it on British soil. But they also understand Britain’s interest in helping to fix it. Or if that is impossible, undertaking heroic efforts to contain and limit the continent-wide fallout.
Bagehot has (in pieces previous to the one linked) the best commentary I’ve seen on why Cameron decided to oppose having the new eurozone regulations folded into the E.U. treaties.