Abstract
Although the issue of Economic and Monetary Union was a core component of the final Maastricht Treaty, the intergovernmental debates on the question differed in two key respects from the rest of the Treaty negotiations. First, unlike the political union negotiations, the IGC on EMU did have an agreed agenda. This was based on the comprehensive report on monetary union submitted by the Delors Committee in April 1989. Second, again in contrast with the political union negotiations, the Commission, and more specifically Jacques Delors, played a central role in the IGC-EMU, actively brokering deals between government negotiators, drafting Treaty articles and providing specialist support for the Luxembourg and Netherlands presidencies.1
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Notes
For the best account of this see Peter Ludlow, The Making of the European. Monetary System: a Case Study in the Politics of the European Community, London, Butterworths Scientific, 1982.
Tommaso Padoa-Schioppa, et al., Efficiency, Stability and Equity: a Strategy for the Evolution of the Economic System of the European Community, Oxford, Oxford University Press, 1987.
Bernard Connolly, The Rotten Heart of Europe, London, Faber and Faber, 1995, p. 58.
Indeed the Delors Report (para. 43) warned against the adoption of deadlines–a pitfall into which the Werner Report had fallen. For a discussion of the Delors Report and its relationship to the final treaty articles see Alexander Italianer, Mastering Maastricht: EMU Issues and How They Were Solved, European Institute of Public Administration, Maastricht, 1993, pp. 51–113.
Helen Thompson, ‘The UK and the Exchange Rate Mechanism, 1978–90’, in Brian Brivati and Harriet Jones (eds), From Reconstruction to Integration: Britain and Europe since 1945 Leicester, Leicester University Press, 1993, pp. 227–40. For a discussion of Howe and Lawson’s manoeuvring prior to the Madrid European Council see Howe, Conflict of Loyalty op. cit., p. 580; Lawson, The View from No. 11 op. cit., p. 932.
See Paul Richardson, The Next Stage in an Evolutionary Approach to Monetary Union, London, British Invisibles Export Council, March 1990.
For an excellent presentation of the merits of the hard ECU plan see Christopher Taylor, ‘A Common Currency Route to EMU: the Hard ECU Revisited’, National Institute of Economic and Social Science Research, Discussion Paper no. 119, 1997.
Ralph Atkins, ‘Thatcher Balks at Prospect of Single Currency in Europe’, Financial Times 19 June 1990; John Major, Beyond Stage One speech by the Chancellor, John Major, to the German Industry Forum, HM Treasury, 20 June 1990.
For press coverage see Peter Norman, ‘Major Presents Alternative Route to EMU’, Financial Times 21 June 1990. ‘Economic and Monetary Union’, Economist June 1990, p. 64. See also House of Lords Select Committee on the European Communities, Economic and Monetary Union and Political Union HL. 88 I (1989–90).
Margaret Thatcher, ‘Dublin European Council’, Parl. Deb. HC 28 June 1990, cols 489–93.
Not least because the hard ECU by definition would be stronger than the Deutschmark. One Bank official suggests it was not self-evident when launched that the Germans would oppose the scheme, though this quickly became clear. Author’s interview with Christopher Taylor. See also Peter Norman, ‘Plan for Hard ECU Attacked by Pöhl’, Financial Times, 3 July 1990.
Philip Stephens, Politics and the Pound London, Macmillan, 1996, p. 177. For Mrs Thatcher’s insistence that the interest rate announcement take precedence over ERM entry in the press notice see ibid., p. 168.
David Buchan, ‘Ministers Unworried by Idea of Two-Speed EMU’, Financial Times, 13 May 1991.
Julie Wolf, ‘Britain Offered Way Out of EC Currency’, Guardian, 13 May 1991, p. 3. For a further discussion of this see Agence Europe, 13–14 May 1991.
Author’s interviews. See also Michael White, ‘Tories Alarmed at Delors Deal’, Guardian, 13 May 1991.
Major Lays Out Nation’s Course in Europe’, The Times 15 June 1991; Robin Oakley, ‘Major to Break with Thatcher Line Today’, The Times 14 June 1991.
John Major met Chancellor Kohl at Chequers on Sunday, 9 June. Nicholas Wood, ‘Major Seeks to Avert Monetary Union Ambush’, The Times, 6 June 1991
Ralph Atkins and David Marsh, ‘Pact to Slow Down European Union’, Financial Times, 10 June 1991.
David Buchan, Rachel Johnson and Ivo Dawnay, ‘UK Still Opposed to Imposition of a Single Currency’, Financial Times, 23 September 1991
Peter Norman and David Buchan, ‘Difficult Hand for Lamont to Play’, Financial Times, 24 September 1991.
For press reports of the general opt out provision, see Boris Johnson and Barbara Smit, ‘Britain Wins Right to Keep the Pound’, Daily Telegraph, 29 October 1991
David Usborne, ‘Delay on in Currency Fight’, Independent, 29 October 1991
Christopher White and Larry Elliot, ‘Compromise Allows Britain to Opt Out’, Guardian, 29 October 1991.
Quentin Peel, ‘Bundesbank Deputy Calls for Tough Line on EMU’, Financial Times, 19 September 1991.
Charles Goldsmith, ‘Britain’s Stance Won’t Block Money Union, EC Maintains’, International Herald Tribune, 30 October 1991.
Europe Documents 1740/41, 1 November 1991; see also Colin Brown and David Usborne, ‘Major Rebuffs EMU Declaration but Leaves the Door Open’, Independent 30 October 1991
Michael White and John Palmer, ‘Cabinet Sop to EC-Sceptics’, Guardian 30 October 1991.
Kenneth Dyson, Elusive Union: the Process of Economic and Monetary Union in Europe London, Longman, 1994, op. cit., p. 156.
Hugo Young, ‘Keeping Mum over Maastricht’, Guardian, 29 October 1991.
Editorial, ‘A Sombre Prelude’ Daily Telegraph, 3 December 1991.
For the argument that an implicit deal was struck see David Buchan, The Strange Superpower, Aldershot, Dartmouth, 1993, p. 77. For the argument that it was an explicit deal see Seldon Major, op. cit., p. 249.
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Forster, A. (1999). Economic and Monetary Union. In: Britain and the Maastricht Negotiations. St Antony’s Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780333984178_3
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