Summary
THE LOST DECADE In December 1991, Prime Minister John Major's government secured an indefinite opt-out of the currency union aspects of Economic and Monetary Union (EMU) as part of its price for agreement to the Maastricht Treaty. Much recent analysis has focused on the financial crisis as providing a rationale for a rethink, driven by an emphasis on the stability and security membership of a larger currency union and the monetary policy of the European Central Bank might provide.
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Extract
Back On the Agenda
tHE CURRENT FINANCIAL CRISIS HAS SEEN A re-emergence of voices on the opinion and letters pages in the British press asking whether it might be time for a rethink on joining the eurozone. This debate has been further fuelled by a French radio interview in early December in which Europe Commi...
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