However, his comments have been slammed by one of his Yorkshire colleagues in the European parliament.

Richard Corbett, deputy leader of the Labour group in Strasbourg and one of six MEPs for Yorkshire and the Humber, this week launched a pamphlet arguing that it is time to re-open the debate on Britain’s membership.

It argues that Britain’s long term economic future would be enhanced by joining the single currency.

Mr Corbett said: “The 10th anniversary of the euro is a perfect opportunity to take stock of its progress and to re-open the debate on whether Britain’s long-term economic future lies with euro membership. The evidence suggests that it does.

“The euro is now a truly global currency. It is the world’s second largest reserve currency and accounts for a greater proportion of the global financial pie than the dollar. Other countries with small and medium sized currencies, Britain included, have been increasingly squeezed between these two currency giants.

“The current economic crisis would have been compounded by turmoil on the currency markets had we still had the Spanish peseta, the Italian lira, the Greek drachma, the French franc and so on as separate currencies fluctuating wildly against each other. The euro has been a rock of stability for these and other countries, as best illustrated by the contrasting fortunes of Iceland and Ireland.

“Joining the single currency would be a major step, both politically and economically, and is not something that we should rush into. However, at a time when Sweden, Denmark and even Iceland are publicly reconsidering their position outside the Eurozone it would be self-defeating and short-sighted for Britain not to do the same.”

However, Godfrey Bloom, Yorkshire’s UK Independence Party MEP, dismissed the idea that membership would help the country through the current financial crisis.

“I’m a professional economist who worked in the city for many years – clearly Mr Corbett isn’t. In fact he knows as much about economics as I do about pop music,” he told the Evening News.

“One country’s euro isn’t worth the same as another’s – the Greek euro isn’t the equivalent of the German euro – you can see that clearly illustrated on the international bond market. International currency speculators are expecting the euro to fail.

“If we join the euro Britain would lose all control over its fiscal policy which would be a disaster.

“Ask manufacturers in Italy about the euro – it’s so overvalued that they’re finding it nearly impossible to sell their products. Even suggesting joining the euro is a sign of someone with no economic sense whatsoever.”