In a subsequent speech, the Governor again welcomes sterling's entry into the ERM and the potential benefits of membership, and stresses the need or both sides of industry to adapt their behaviour to the disciplines inherent in ERM membership-so that wage settlements and productivity growth move rapidly towards continental performance if the social costs are to be minimised. The Governor goes on to review progress made in the past year in improving the City's infrastructure, and particularly its trading and settlement systems; and urges continuing efforts in order to maintain the City's pre -eminence as an international financial centre.
ERM entry and improvements in the City - Governor's speech