b'whichall 28 EU members have their ownthe congenial and prosperousfolk making regulations and standards. In the extreme,merrywithin.Yes, Iamtalkingaboutthe a company might need to have 28 versionseuro. Some source of merriment that turned of the product it is exportingor at least 28out to be! versions of the packaging, documentation, testingcertificates,qualityaccreditation,What happened with the euro is that people etc.thought in soundbites and slogans without addressingthefundamentalissues.They Butinthecontextofwhetherornottheweremesmerisedbysupposedlylarge UKshouldstayintheEU,theissueisgainsfromlowertransactionscostsand notwhetherthesinglemarkethasbeenexchangeratecertainty.Andtheywere a goodthing,andaccordinglywhetheritbamboozled by the threatened exodus should remain or be disbanded.The issueof businessesfrom Britain everyone iswhetherweshouldcontinuetobelongfromJapanesecarmakerstoAmerican to it.investmentbanks ifwestayedoutside. Does this ring a bell? Thedebateaboutthesinglemarket representsthetriumphofillusionoverIs it a coincidence that it is largely the same experience.Somethingsimilarhappened,organisationsandindividualsthatgotthe youmayrecall,withtheissue oftheUKeuro issue blatantlywrongwho now insist joining the euro. Dire consequences wouldthat we absolutely must stay in the EU? follow, it was said, if we remained outside. Again,notice,theimageofexclusion.ItRoger Bootle is executive chairman was rather as thoughwe BritishwouldbeofCapitalEconomics.roger.bootle@ likepoorstreeturchinsinaDickensiancapitaleconomics.comnovel, peering in through frostedglass, at 240'