Were we to leave [the EEC], the worst damage would be done to ourselves. But not only damage. Western unity, at a time of great international danger,… - Roy Jenkins

At conference the only alternative [to the EEC] we heard was 'socialism in one country'. That is always good for a cheer. Pull up the drawbridge and revolutionize the fortress. That's not a policy either: it's just a slogan, and it is one which becomes not merely unconvincing but hypocritical as well when it is dressed up as our best contribution to international socialism.

I therefore think that our negotiations have achieved a satisfactory prospectus for an electable left-of-centre alternative to Thatcherism. And that was what the SDP was always intended to be: a party which was free alike of proletarian sullenness or of bourgeois triumphalism and which challenged both the old arrogance that the establishment always knows best (particularly if it can use secrecy to prevent anyone judging whether it really does) and the new heresy that the mystical entity of "the market" can run everything. A controlled economy is not much good at producing consumer goods. But "the market", in terms of protecting the environment or safeguarding health, schools, universities or Britain's scientific future, cannot run a whelk-stall. And if asked which is under greater threat in Britain today, the supply of consumer goods or the nexus of civilized public services, I unhesitatingly answer the latter.

In these circumstances it is essential we should be able to speak with sanity and authority in world monetary affairs. You cannot do this from a position of perpetual deficit.