Euro-philia
BRITAIN is not about to sign up for the European single currency, not by a long chalk, but the issue of membership is finally starting to be taken seriously. On July 22nd, the Confederation of British Industry (CBI), the voice of big business, will announce the results of a survey of its members which shows that barely 10% of them want to rule out membership of EMU for ever. The CBI is, as a result, expected to come out for EMU entry, as its trade-union cousins in the TUC already have. Although the CBI will not favour going into a first wave of EMU in 1999, it could advocate an interim return to the more flexible exchange-rate mechanism, out of which sterling was ignominiously forced in 1992.
This article appeared in the Britain section of the print edition under the headline “Euro-philia”
From the July 19th 1997 edition
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