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Business Attitudes to EMU and the Risk to Stability

In: The Impact of the Euro

Author

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  • Stephen Davies

Abstract

On 18 January 1990 Financial Weekly published the results of a poll on business attitudes towards membership of the Exchange Rate Mechanism (ERM). It showed that 97 per cent of top executives wanted the UK to enter the ERM, while two-thirds of them said the exchange rate at which sterling entered did not matter. Business had convinced itself that what concerned it above all was exchange rate stability, and its views played a very large part in creating the public mood that more or less forced Mrs Thatcher’s government into the ERM. By 1992, after two years of recession and mounting bankruptcies, business had learnt that exchange rate stability could bring with it more problems than it solved.

Suggested Citation

  • Stephen Davies, 2000. "Business Attitudes to EMU and the Risk to Stability," Palgrave Macmillan Books, in: Mark Baimbridge & Brian Burkitt & Philip Whyman (ed.), The Impact of the Euro, chapter 12, pages 177-184, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37244-3_12
    DOI: 10.1057/9780230372443_12
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