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Why is Britain hesitating about membership of EMU and what are the main issues?
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| Submitted: Mon Jan 26 2004
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International Relations: Why is Britain hesitating about membership of EMU and what are the main issues? On Friday January 1st 1999, "European dreamers finally saw their cherished hope become reality at midnight when 11 countries signed away their sovereignty over monetary policy and the single currency was born".1 However, with the mass jubilation that followed the commencement of the final stage of Economic and Monetary Union within the European Union, there were still some sour notes amid the rhetoric. One included the argument from France that Wim Duisenberg (president of the European Central Bank) should step down in favour of a French president; the other major argument was the claim by Jacques Santer, European Commission president at the time, that Britain's membership of the single currency was inevitable. So why, 4 years later, has this "inevitability" not come into fruition? In order to answer such a question, one must derive first...
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