HISTORIC PRESS RELEASE : Gordon Brown on the Pros and Cons of EMU [July 1997]

The press release issued by HM Treasury on 17 July 1997.

In order to promote a better informed and reasoned debate about Economic and Monetary Union, the Chancellor Gordon Brown has today published a report by David Currie on the pros and cons of EMU.

The report, a summary of a paper published by the Economist Intelligence Unit, should not be interpreted as setting out the Government’s views on a single currency, rather it is an excellent survey of the issues.

Speaking to the Royal Institute for International Affairs in London, Gordon Brown said:

“The Government’s concern about the single currency has always been that Britain should only join if the economic decisions are right, not on the basis of a timetable that has been set politically.

To make the right decision for Britain, we need an open and intelligent debate on the single currency. British business will be affected whether Britain joins the first wave or not.

To help launch a more constructive and informed debate, David Currie has produced a summary of his survey which the Treasury is publishing today.

To help businesses, I shall be publishing next week a guide to the practical implications of EMU. In addition, I shall be setting up an Advisory Group to bring together business
representatives to talk with the Government about the practical implications of the single currency.

My overriding aim is to help British business make the most of opportunities in Europe, whether or not the UK joins.”