“British Experience: Monetarism Hiding Behind Europe”

Bonefeld, Werner. (1999) “British Experience: Monetarism Hiding Behind Europe” . In European Union Studies Association (EUSA) > Biennial Conference > 1999 (6th), June 2-5, 1999, pages 21, Pittsburgh, Pennsylvania.

Abstract

This paper assesses the political raison d’être of Britain’s position. The uncertainty of Britain’s relations with Europe will be explained by four interconnected issues: the miserable experience of monetarism under the Thatcher governments, the failure to reverse Britain’s economic decline, the particular character of the British economic structure in relation to its main rivals on the world market, and the perceived ‘threat’ to Britain by Germany’s economic and political muscle, especially since German unification. Britain, so the argument goes, is the most internationalized economy, probably in the world. The conclusion is in two parts. The first part looks at Britain’s legal obligations under EMU and the second assesses Labour’s employment policies.