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He said he did not approach the EMS proposal in a theological way. In his view the West German Government wanted it in order to cripple their competitors; the French wanted it because they wished to be equal to the Germans; and the EEC commissioners wanted it because they believed in a federal Europe. "It would mean that a British government could only get permission to devalue, if we wanted to, if we made big cuts in public expenditure. It would be quite impossible to implement Labour's Programme, 1976 and party conference decisions if we went into EMS. We ought to make it clear...that we are not prepared to go into it and we would veto it if it was not in the national interest. (en) |
