Not entirely. The Union has some big problems, but the UK hasn't even attempted to address them properly. David Cameron jumped straight into a referendum, which I don't even think will get a majority 'against' vote. I'm still against adopting the Euro and stuff like that though :P
I would argue that you can't complain about the Euro underperforming unless you have it as your currency and can thus participate in its development and improvement.
The Euro wouldn't improve with the UK unless the EU kicked out half of its countries. It's not a problem of having enough countries to raise its value, its a problem of having too many countries lowering its value.
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