The Creation and Destruction of EMU

It is becoming clear that the United Kingdom will be fortunate not to be a founder member of the EMU when it is launched on 1 January 1999. Once they have embarked, all those countries which do join will have the same short-term interest rates – yet the representatives of each country will only have the influence of a single voter over their determination.

Walter Eltis - Sunday, 26th October, 1997