No one believes that a well-funded IMF on its own is the solution to the problems of the eurozone.

Eurozone countries need to make painful adjustments to their public finances and external deficits. It is a difficult path that they have to walk, although the new Governments in the likes of Ireland, Portugal, Spain and Italy are walking it.

However, that is the logic of the single currency that they are all committed to.

That is why we Conservatives are opposed to British membership of the euro, why we shut down the euro preparations unit in the Treasury and why under this Government Britain will never relinquish the pound.