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British business and the Euro. ACES Cases No. 2008.2

Eglene, Ophelia (2008) British business and the Euro. ACES Cases No. 2008.2. UNSPECIFIED.

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    During the Maastricht Treaty negotiations, the United Kingdom obtained an opt-out option on Economic and Monetary Union (EMU). When Tony Blair came to power, he promised there would be a referendum on the euro if the government decided it was in the national interest to join. Many believed Tony Blair intended to call and try to win a referendum on the euro. Therefore, in the late 1990s, the debate over the euro raged in Britain, filling the pages of the tabloids and the minds of many Britons. In this paper based on empirical research conducted in London in 2005-06, I investigate whether the business sector had a clear preference on the issue of British membership in the EMU and tried to influence the government‟s decision. I use Jeffry Frieden's model of interest group preferences regarding exchange-rate policies to develop hypotheses regarding the position of the business sector on the euro. Research findings reveal that the business sector was divided on the issue of euro membership exactly as Frieden's model predicts. However, the intensity of business preferences decreased overtime. By the end of Tony Blair's second term, the business sector had become neutral on the issue of the euro.

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    Item Type: Other
    Subjects for non-EU documents: Countries > U.K.
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > American Consortium on European Union Studies > ACES Cases
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 13 Jan 2015 12:42
    Number of Pages: 38
    Last Modified: 13 Jan 2015 12:42

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