In a further speech discussing the implications of the single market for Europe's monetary arrangements, the Governor comments in more detail on some of the factors that account for the emphasis the UK authorities place on the importance of an evolutionary approach to monetary union. He argues in particular-in part in the light of the United Kingdom's own experience of adjustment to structural change and financial deregulation-for the need to give due weight to the complexity of the forces that may be unleashed by so major a change as a single financial market: and the need to take a pragmatic approach to essentially practical issues.
The single market and implications for Europe's monetary arrangements