'Surely Time' to Legalize Drugs?

The Drug War Chronicle reports that Chris Davies, a British member of the European Parliament and a prominent Liberal Democrat, is calling for "the legalization and regulation of all currently illicit drugs." In an interview with The Sprout, a magazine that covers E.U. politics and policy, Davies suggests that position is no longer beyond the pale of acceptable political debate:

Far from preventing the use of illegal drugs the policy of prohibition creates the profits which drive the growth of the trade. It leads to the corruption of our institutions and provides funds for terrorism. These views used to be controversial but now that the prime minister's personal adviser says [in a report commissioned by Tony Blair's government] that existing policies are doomed to failure it is surely time for all responsible politicians to consider whether alternative strategies could do more to curb crime, reduce harm and save lives.