No To EMU? You're An Ostrich
The European Union commissioner, Sir Leon Brittan, has compared business people who fail to plan for a single European currency in 1999 to ostriches sticking their heads in the sand.
"I would say to those in the business community that if you do not make it a working assumption that the EMU will go ahead with our principal trading partners participating in it in 1999 then you are not financial advisers but ostriches," he said.
"I think we have had enough of ostriches in this country," said the former Home Secretary.
But Sir Leon, the European Commissioner for trade, told an invited audience of businessmen last night at Edinburgh University that it was unlikely that Britain would be among the first to participate in the monetary union.
"I think whether Britain will participate in the first round is still a slightly open question, although obviously it has been said by the new government that is unlikely," he said.
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Definitely not an emu
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The debate around Europe during the election campaign, he said, typified the standard of discussion in Britain which generates "more heat than light."
He said Britain focused too much on the difficulties and failed to appreciate the full value of the benefits of a strong single European market with its own currency.
"It is wise to reflect on the reasons why our partners are so determined to go ahead with this project. It may be that for some handful of people it is just the next item in the process of European integration," he said.
Sir Leon said a united Europe would strengthen its hand in international trade negotiations and produce the benefits currently enjoyed by the US.
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