Luke, very explicitly in his story of the Annunciation (1.34-35), and Matthew, more obliquely (1.18), both assert the virginal conception of Jesus. Christian tradition has attached great significance to this, often rather inaccurately calling it the ‘virgin birth’. Yet in the New Testament it seems nowhere as widely significant as the Resurrection. Paul is content to simply lay stress on Jesus’ solidarity with humanity: ‘God sent his Son, born of woman, born under the law’ (Galatians 4.4). The theological importance of the virginal conception lies in its lending emphasis to the presence of a total divine initiative in the coming of Jesus, even if this truth is much more frequently expressed by the New Testament writers simply in the language of his having been sent. Jesus was not opportunistically co-opted for God’s purpose when he was found to be suitable, but he was part of that purpose from the start. The virginal conception is a powerful myth, and I believe that in the religion of the Incarnation the power of story fuses with the power of a true story, so that the great Christian myths are enacted myths. On this basis, I find myself able to believe in the virgin birth, even if the motivating evidence is less extensive than for the belief in the Resurrection. (p. 68-69)
I thought that this was interesting…. anyway… read Scott McKnight’s post on the subject.