The appointment of Mervyn King as the next governor of the Bank of England will be seen as a further sign that the Treasury is cooling on the prospect of early membership of the European single currency. Mr King, the Bank's deputy governor, who will succeed Sir Edward George next July, is a noted sceptic on the euro. Three years ago, Mr King told a Commons select committee "you would probably need 200 or 300 years of data" to be sure it was safe to join the euro. Although Mr King had been the favourite to succeed Sir Edward, the...