by David Roche
UK entry into European economic and monetary union (Emu) is becoming less likely. There’s scant evidence of cyclical convergence with the eurozone economies. Interest-rate differentials are widening. And the weak euro has increased the political risk of holding a referendum on membership.
A successful campaign for Emu entry will have to wait at least until after the next general election in 2001. And unless popular support for the project recovers, it may not happen at all.
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