POLITICS is back, so let's consider the euro. But first here is a euro joke (the only one I've ever heard). If Britain accepts the single European currency, what will become of the phrase "to spend a penny"? This process will be known as "euronating".

As last week's successful launch of the currency in 12 European countries proceeded, Britain stood back, suspicious or dithering, depending on your view.

The arguments against Britain joining the single currency are varied, but the reasons given are essentially emotional, calling on sovereignty and the proud pound (as introduced in its current form as long ago as, oh, 1971). Strip away the emotion, the chest-puffing and the suspicion of matters foreign; remove the scratched varnish of patriotism; and what is left? Mostly sour mumbling about a European super-state and interference from Brussels.

There are complications - such as the setting of interest rates across so many countries by the European Central Bank, which is based in Frankfurt. Will this geographical proximity leave the bankers with one eye on the German economy rather than anywhere else?

Well, who knows. You'd have to ask an economist. And if you can get two economists to agree that a pound coin is round, you will be having a good day.

As to the notion that we have a free and proud currency, un-buffeted by the rest of the world, that is an illusion. The mighty US dollar is the world's favourite currency, greater than the pound or the euro; the pound will always be in the dollar's slipstream. Yet might not a successful euro be able to stand up to the power of the dollar and offer a bit of counter-balance on this side of the world?

Anyone looking for clarification from this Government will be confused. The Prime Minister is for it, apparently; while the Chancellor is cautious. This difference brings to mind a pantomime horse, running in both directions at once.

Tony Blair, when he's not off jetting round the world and listening to everyone else's problems, exudes curious signals about the euro. His enthusiasm remains coded, so the message is muddled. Perhaps the poor man is passionate about the euro when he is abroad (which he so often is), and cautious when he returns home and remembers all those troublesome voters.

There will be a referendum some day, so we are told. When is anybody's guess, as the earliest date is always three steps over the horizon. The truth is, New Labour can't hold a referen-dum it fears it won't win, as the party would then become an electoral disaster area.

Despite some niggling doubts, my feeling is that something big, bold and exciting is happening just over the water, and we are kicking our heels outside the euro-zone, bickering and blathering while the rest of Europe (or most of it) gets on with it.

As to the row about whether joining is an economic or a political decision, the two disciplines are so wrapped up in each other that trying to sort that one out would be like untangling an octopus caught in a spin-dryer.

CHRIS Titley dwelt at length on the York Barbican Centre yesterday, so I'll just add a footnote: what on earth is going on? When the Barbican opened as a concert venue in September 1991, York was suddenly able to stage large-scale events. In the years since, many concerts have been enjoyed by many people.

Now City Of York Council wants to flatten the place, flog it off and, almost as an after-thought, insist that the new developers include a concert hall in their plans.

Strange days.

Updated: 10:54 Thursday, January 10, 2002