Lest you think I disagree with Krugman too much
Krugman makes the obvious point that being fixed to the Euro hardly imunizes you from financial crises.
http://krugman.blogs.nytimes.com/2009/01/19/the-pain-in-spain/
I still do not get Willem Buiter's pamphleting for the UK joining the Eurozone. This post was more softly stated than normal.
John Hempton