ABSTRACT
The establishment of Economic and Monetary Union (EMU), amongst (currently) 12 European Union (EU) member states, has great significance for European working people and their families. This initiative involves the introduction of a common currency (the euro), with both exchange rate management and monetary policy having been transferred from national to super-national control, exercised by the European Central Bank (ECB). The United Kingdom has to date remained uncommitted to this initiative, preferring to rely upon an opt-out clause, ostensibly until economic cycles coincide and five economic tests indicate that participation is in the national interest. Leading members of the Labour Party and prominent trade union leaders have indicated their personal support for further European integration, despite the consistent hostility of the electorate as reflected in opinion poll data. The current political position, where the majority is committed to further integration whilst the majority of the Conservative Party firmly opposes the deepening of economic integration, is a reversal of the balance of opinion two decades ago.
