Right. Croppy, I have done a little bit of research on Euro websites. This was necessary as when I last had time to get involved with politics, I was a Eurosceptic believe it or not. Then I saw the light! You probably know most of this stuff already.
The arguments pro and anti the euro are summed up on www.singlecurrency.co.uk. As you would expect, convergence of economic cycles features. However, a BBC article on the subject points out that the UK's cycle is not that much out of line now, eg UK growth this year, 1.7%, Germany 2%, next year 2.7% and just over 2% respectively, suggesting that both economies are growing. This is put down to international shakeups following the Asian economic crisis a few years ago. It also says that Ireland's economy was not in tune with the rest of Europe, however, they still took the risk and joined at the start with the others. The BBC article names this as a factor in Ireland's current exaggerated economic cycle. Doesn't say how long it will take to resolve, or what action is being taken by the EU to help with this.
Anyway, the rest of the arguments pro can be summed up as greater stability, both within Europe and internationally.
The arguments against are the old chestnut that Britain has more trade and a "special relationship" with the US, the Euro might fail, and we would in any case lose control over our economy.
There are also two conflicting economic arguments, which are that by joining the Euro we would have 1. lower interest rates (advantage) and 2. higher taxes (disadvantage).
I still don't find the anti Euro arguments convincing. Re losing control over our economy, I don't personally have any control over it anyway, and frankly, I don't think those who do are better than their European counterparts. Talk of the Germans controlling our economy is just racist nonsense - I'd expect British people to be up there taking a full part in the economic future of Europe anyway.
Re more trade with the US, so what? Think how silly it would look if one of the states of the US insisted on having its own currency because it said it had more trade with, say, China than the rest of the US. The web site mentions that the Euro "may be a disadvantage" when trading outside Europe, but doesn't specify why.
The cultural links with the US are pretty unconvincing - the States has cultural links at least as strong with many other countries eg Spain, Italy, Germany, West Indies, China to name just a few.
Here's an interesting idea though - it is suggested that in a few years, the dollar and the Euro should merge, leading to a stable currency between the US and Europe. This would become so powerful, that it would lead effectively to one world currency ... except for Britain of course, who would still be clinging doggedly to the pound and economic "independence"...