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This article attempts to explain the variation in post-Maastricht elite attitudes toward the single currency in Western Europe. It concentrates on the British reluctance to join the single currency in the first round as well as the French and German continuing support for it. We argue, first, that explanations based solely on material conceptions of actors' interests — whether economic or geopolitical — are insufficient in explaining the variation in attitudes. There are as many good economic or geopolitical reasons in favour of the Euro as there are against it. In particular, perceived instrumental interests of actors as such do not explain the considerable variation in attitudes. Rather, we claim that actors' perception of their material and instrumental interests with regard to the Euro are deeply influenced by their visions of European political order. Second, the visions about European order which give political meaning to EMU, need to be understood in the framework of identity politics. Differences in the construction of collective elite identities pertaining to the nation-state and to Europe explain the controversies among the political elites in the three countries as well as the variation in attitudes. While the French and German political elites — from the centre-right to the centre-left — have incorporated `Europe' into their nationally defined collective identities, British policy-makers including New Labour remain hesitant. Third, on a more conceptual level, this article does not try to push an `identity versus interest' argument. Rather, we claim that the causal arrows run both ways. Collective nation-state identities define the realm of instrumental or material interests considered legitimate and appropriate in a given political discourse. We claim this to be the case in Britain and Germany. The more identity constructions are contested or in flux in a political discourse, however, the more likely it is that those constructions carry the day which actors see as furthering their perceived instrumental, political or economic interests. We argue that this was the case in France.