The European Monetary Institute (EMI) published on 14 November a document (‘The changeover to the single currency’) setting out how a single European currency might be introduced within those countries articipating in Stage 3 of Economic and Monetary Union (EMU). This was endorsed, with only small amendments, by the December European Council in Madrid.
This note, prepared by John Townend, a Deputy Director of the Bank and the Governor’s Alternate on the EMI Council, describes the essence of the EMI paper, sets it in a UK context, and explains briefly the action which the Bank has subsequently taken to progress the work.
Changeover to the single currency