John Major, Margaret Thatcher, Single Currency, European Union, Euroscepticism, Conservatuve Party
At a time of numerous issues about an Economic and Monetary Union between the European Countries, Britain, which was a powerful state in Europe, was led to consider the membership. Eventually, Britain joined the European Economic Community and the Economic and Monetary System but the European plans still created several debates in Britain, opposing the Euroenthousiasts –those who were in favor of EMU– to the Eurosceptics –those who were not.
After being Chancellor of the Exchequer from October 1989 to November 1990, John Major was elected as Margaret Thatcher's successor, that is to say, as the British Prime Minister on November 28, 1990. This politician was chosen because he pursued a policy of compromise which ideally could unite the Conservative Party.
The main point of all this conflict resulted in the adoption of a single currency in all the countries of Europe, including Britain. To understand the issue about the Single Currency in Britain, we have to understand the start of the debate. In this case, the debate began as a result of the Delors report and the loss of
powers and advantages the British feared. We have also to present the single currency.
Jacques Delors was the president of the European Commission. In April 1989, he published a report in which he defined the EMU and foresaw the Maastricht Treaty. To implement the EMU in Europe means that the members of the European Union decide to share a single currency to intensify the Common Market and to make a Free Trade area.
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