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The debt crisis in Europe is forcing the British to once again choose: the continent or the open sea?

The fiercely independent British have gone both ways over the centuries, openly spurning, even warring against, the continentals while expanding their reach across the oceans. In recent history, though, they’ve been more “in” than “out” – as members of the European Union for nearly 40 years, even if they still use the pound instead of the euro currency.

It is the preservation of the euro that is now prompting “the British question” about relations with the rest of Europe. With the Euro-skeptics reigning over the public discourse in Britain and three crucial meetings of EU heads of state coming before Christmas – each summit...