Should the UK see the current global and domesticv financial turmoil problems as the clinching reason join the Eurozone?

No:

The reason for having a floating exchange rate is that it should float. In an uncertain world, an economy needs mechanisms of adjustment. The exchange rate is the most powerful such mechanism. Only exceptionally flexible or exceptionally open economies cope well with big shocks without any exchange rate flexibility …

… the UK must ultimately save more and the current account must go into surplus. If these are to be achieved, a big real depreciation of the exchange rate must occur. This can be secured either by a long period of falling nominal wages and prices of non-tradeable goods and services or by a fall in sterling. Fortunately, the latter has delivered what is needed.

The fall in the pound is not the problem; it is the solution.

Sounds right to me.

Sir John Sawers, our UN Ambassador, made an eloquent point recently:

Yet we have also seen in the last few weeks that the interdependence which brings us so much prosperity also carries new risks.  

Imagine a group of mountaineers hauling their way up Mount Everest.  They rope themselves together for safety.

Which is fine for most of the time.  Until one or two slip, fall into an abyss and drag everyone else with them.

This is what has been happening to banks round the world in recent weeks.  One by one, slipping into deep problems and pulling others down with them.

We don’t yet know how great will be the impact on the World economy.

But we do know that we have a problem.  Just roping ourselves together isn’t enough, as mountaineers discovered long ago.

Roping the UK to the corpulent and unreliable European mountain-climber called Eurozone is a sure way both not to climb fast to safety when things get tricky, and to be dragged into oblivion when he slips and falls.