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TEN STEPS TO THE EURO

8th March 2001, Page 37
8th March 2001
Page 37
Page 37, 8th March 2001 — TEN STEPS TO THE EURO
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Which of the following most accurately describes the problem?

▪ The five five economic tests must be met.

4. The EU decides if Britain's economy and sterling's strength are su ita b le_ The British government decides whether to recommend joining. 4' Parliament agrees the legislation needed to hold a referendum.

• Four months later the referendum is held.

• If the result is yes, the Eli Council of Membership will ratify Britain's membership and set a date for joining.

4. More UK legislation is needed, this time to make the euro legal tender in the UK.

• tr. Within two years of a positive referendum vote, Britain joins. ito The pound's exchange rate to the euro is fixed.

• Within 12 months of joining, the pound is scrapped forever.