Lord Pearson's conclusion yesterday in the Lords

To conclude, I submit that it is really not in this country's interest to prop up the euro. The quicker it disintegrates the better, with countries that cannot afford to be part of it going back to their national currencies. Only then will they be able to start trading their way out of the colossal debts into which the euro and the project of European integration have led them. Mr Van Rompuy has just said that the EU will collapse if the euro fails. I fear he may be wrong and that the juggernaut of European integration could continue without the euro and would indeed do so, but if he turns out to be right, what a pleasant prospect greets us: no Commission, no Committee of Permanent Representatives, no Council of Ministers, no European Court of so-called Justice, no EU Parliament, none of the colossal fraud, waste and overregulation which weigh us down at home and in our competition and trade with the rest of the world. We would be left with a Europe of democratic nations freely trading and collaborating. It is to those sunlit uplands that the Government should be leading this country and the rest of Europe. That is where the national interest lies, not in this grubby instrument of doubtful legality.

The entire debate from Hansard is linked here.