"There have been frequent occasions in the past when a political consensus has formed on an economic question and it has turned out to be a catastrophe."
The attempt to maintain the Gold Standard, repeated devaluation crises and the decision to join the exchange rate mechanism.
"Putting politics before economics could destroy you."
(Extract reflecting one of the contributions from Ed Ball's from a report by John Rentoul in the Independent of a special seminar on why the Blair government eventually decided against scrapping the pound in favour of the Euro which was held at the Treasury this week.)
Balls was talking about the potentially disastrous consequences of taking the economic decision to scrap the pound on the basis of a political aim for a united Europe. He was later asked about Sir Nick Macpherson's view that, if Britain had joined the euro, it would have "blown up" the currency, and responded:
"We would have had a boom and bust. We weren't confident enough to say at the time that it would have blown up the euro, but looking back it is clear that it would have done."
Asked if he could imagine the UK joining in the next 30 years, Balls said: