Personally, I think the EU is a very good solution to economic issues in Europe. Unifying currency and free trade allow for greater expansion of capitalism, and should lead to more economic growth.
The problem that the British (in general) seem to have with this plan is that they wouldn't "get as much out of it" as countries like, say, Italy would. By joining into such a close economic pact, the richer folks are naturally going to have to give up a bit more than the poorer folks. My country, the US, is having a similar discussion right now. The more conservative states that are on the more wealthy end of the spectrum don't see the value they get from the federal government as much as the poorer ones do. Hell, the governor of Texas has even been recently been kinda-sorta calling for secession! (Apparently 600,000 American lives aren't enough for these assholes to realize that tearing this country apart is a terrible idea)
Getting back to the EU, I think the last several decades (since the 70s in particular) have been dominated by conservative economists in the major Western powers. Your Milton Friedmans and Austrian School economists basically argue for supporting the super-rich, and allowing money and resources to trickle-down to the poorer folks/countries. Unfortunately, the current economic crisis is clearly showing that you can't totally trust the super-rich to make the best decisions. Capitalism, ideally, should allow for greed in such a way that it lifts the whole economy upwards. However, when people aren't "playing by the rules" or (more accurately, perhaps) "stealing from poor people" you get a situation like the one we're in now.
I'm not saying that the British are stealing from the Hungarians or anything, but perhaps there needs to be a realization that helping the less well-off will help you out in the long run. Maybe not tomorrow, or even next year, but it will someday.