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British Business and EMU

In: Business and the Euro

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  • Mark E. Duckenfield

Abstract

This chapter examines British business associations’ political positions and their strategies towards European monetary integration during the 1990s. I argue that three variables influenced the evolution of business associations’ attitudes towards economic and monetary union (EMU) from the Treaty of Maastricht until the British decision to opt-out of the first wave of EMU in May 1998. The first is the decentralised nature of the British system of industrial organisation which pushed business associations to promote specific, technical policies that would exclusively benefit their own members rather than more generalised macroeconomic policies with a less restricted group of potential beneficiaries. The second is the decentralised political organisation of British business, which meant that the leaders of associations tended to make narrow evaluation of policies rather than considering their broader implications. The third is the governing party’s stance towards monetary union, a stance which to a great degree was determined by the party’s ideological divisions.

Suggested Citation

  • Mark E. Duckenfield, 2006. "British Business and EMU," Palgrave Macmillan Books, in: Business and the Euro, chapter 4, pages 143-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62724-6_5
    DOI: 10.1057/9780230627246_5
    as

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