What is the counterargument to the propositiion that joining the Euro would mean the UK can't cope with shocks

Question

Please be descriptive. Would really be appreciated.

Answer 1

If I understand your question it is saying the original argument is that joining the Euro would prevent the UK from coping with shocks. This could be argued to be so, given that the shock would have to be out of synch with the economic cycle of the rest of the Euro zone.
If the shock affected the whole Euro zone then the planned reaction would be the same across the zone.
So in response you have to consider, why would Leeds want to be part of the pound since it cannot react to shocks out of synch with the rest of the UK.
And the answer is the free market. Because both money and labour can move freely around the UK, the effect of shocks is minimalised by this movement. When Leeds suffers from high unemployment, money from London comes along to invest and people have jobs again, while people from Leeds move to where jobs are.
Similarly within the EU capital (money) and labour can both move freely. Issues may arise with moving labour from UK to France or Italy because of language or cultural barriers.

Answer 2

The counter argument would merely be that the UK currency has been aorund for hundreds of years, and the economy has been stable. There isn't a particular need to join the Euro to prevent shocks because the UK economy is strong enough.