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British Opposition

In: The Road to European Monetary Union

Author

Listed:
  • André Szász

    (Dutch Central Bank)

Abstract

The Delors Report received considerable attention in the international press. For some time it dominated the discussion on European integration, in particular during the run up to the European Council Meeting due to take place in Madrid in June 1989. Feelings in member states were mixed. In France, there was a feeling— shared by Finance Minister Bérégovoy—that the report, with its emphasis on price stability and an independent European Central Bank, reflected the German view too much. In Germany there was also uneasiness—shared by Finance Minister Gerhard Stoltenberg as well as at the Bundesbank—since it was doubted whether member states really agreed on the principles laid down in the report, while the report could nevertheless turn out to be a major step towards EMU. Yet the objective of EMU itself was neither really contested in these countries, nor in most other member states. This was different in the United Kingdom. Here the government was adamantly opposed to Economic and Monetary Union, but it realised that development towards it was gathering momentum. In plotting its course to counter this development, Britain was hampered not only by its isolated position, but also by deep divisions within the Cabinet; from now on Europe was becoming a focus for discord within the ruling Conservative Party which would dominate it in future years.

Suggested Citation

  • André Szász, 1999. "British Opposition," Palgrave Macmillan Books, in: The Road to European Monetary Union, chapter 13, pages 120-129, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59947-5_13
    DOI: 10.1057/9780230599475_13
    as

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