European Monetary Integration 1970-79: British and French Experiences (St. Antony's Studies)

258 Pages·2011·0.89 MB·English

by  Daisuke Ikemoto

European Monetary
Integration 1970–79

British and French Experiences

Daisuke Ikemoto
St Antony’s Series
General Editor: Jan Zielonka, Fellow of St Antony’s College, Oxford and
Othon Anastasakis, Research Fellow of St Antony’s College, Oxford and Director of South
East European Studies at Oxford.
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St. Antony’s Studies
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European Monetary
Integration 1970–79
British and French Experiences
Daisuke Ikemoto
Associate Professor of International Relations, Faculty of Law, Meiji Gakuin
University, Japan
In Association with St Antony’s College, Oxford
© Daisuke Ikemoto 2011
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Library of Congress Cataloging-in-Publication Data
Ikemoto, Daisuke, 1974–
European monetary integration, 1970–79 : British and French
experiences / Daisuke Ikemoto.
p. cm.
Includes index.
ISBN 978–0–230–24589–1 (alk. paper)
1. Monetary policy–European Economic Community countries.
2. European Economic Community countries–Economic policy. 3. Great
Britain–Economic policy. 4. France–Economic policy. 5. European
Economic Community. I. Title.
HG930.5.I37 2011
332.4′9409047–dc22 2011011822
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20 19 18 17 16 15 14 13 12 11
Printed and bound in Great Britain by
CPI Antony Rowe, Chippenham and Eastbourne
For my parents
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Contents
Acknowledgements viii
Abbreviations ix
1 Introduction 1
2 National Political Parties and Party Systems in the 25
Study of European Integration
3 Britain’s Policy on EMU During the Entry Negotiations 35
with the EEC, 1970–71
4 Britain and the EEC’s First Steps Towards EMU, 1971–74 75
5 Comparing British and French Policy on European 115
Monetary Integration (1): The Currency Crisis of 1976
6 Comparing British and French Policy on European 157
Monetary Integration (2): The Establishment of the
EMS, 1978–79
7 Conclusion 192
Notes 199
Bibliography 229
Index 241
vii
Acknowledgements
This book began as a research project at the University of Oxford
in October 2002. My greatest thanks, therefore, are due to Prof. Vernon
Bogdanor and Prof. Jan Zielonka, to both of whom I accumulated a
huge intellectual debt that can never be fully repaid. I could not have
written this book, however, without everything that I have learned at
the University of Tokyo, and particularly from Prof. Takeshi Sasaki and
Prof. Yasuo Baba.
Andrew Baldwin has kindly checked the entire manuscript of the
book and has corrected my grammatical mistakes. Had it not been for
his expert service, this book would have never seen the light of day.
Kaoru Iokibe and Takashi Narihiro also read the original doctoral
thesis, and made a number of useful comments on it. Needless to say,
all remaining mistakes are mine.
The Guardian, The Times, The Sunday Times, the Labour Party, the
Conservative Party, the Margaret Thatcher Foundation and Lord
Lawson all kindly gave me permission to make quotations from their
various copyright materials.
I was awarded very generous scholarships by Heiwa Nakajima Found-
ation and the Honjo International Scholarship Foundation, which allowed
me to pursue my research in Oxford. The final stage of my research was
supported by the Japan Society for the Promotion of Science, Grant-
in-Aid for Young Scientists (B), 21730130.
I am also grateful to many scholars and friends, with whom I was for-
tunate enough to spend time while at Oxford; to Harumi Goto, Fumio
Nagai, Makoto Onaka and Kojiro Sakamoto for their kind advice and
encouragement; and to Adolf, Chikako, Chizuko, Kei, Kozo, Mariko, Nazrin,
Raya, Sachiko, Sang Hun, Satoshi, Shohei, Wakao and William for their
continuing friendship.
Finally, my warmest thanks go to my family, and especially to
my parents, who have supported me throughout my life. This book is
dedicated to them.
Daisuke Ikemoto
Yokohama
viii
Abbreviations
BIS Bank for International Settlements
CAP Common Agricultural Policy
CBI Confederation of British Industry
CDS Centre des Démocrates Sociaux
CERES Centre d’études, de recherches et d’éducation socialists
EC European Communities
ECOFIN Economic and Financial Affairs Council
ECSC European Coal and Steel Community
ECU European Currency Unit
EDM Early Day Motion
EEC European Economic Community
EMCF European Monetary Cooperation Fund
EMF European Monetary Fund
EMS European Monetary System
EMU Economic and Monetary Union
EPC Economic Policy Committee
ERM Exchange Rate Mechanism
EU European Union
EUA European Unit of Account
IGC Intergovernmental Conference
IMF International Monetary Fund
LCC Leader’s Consultative Committee
MCA Monetary Compensation Account
MLR Minimum Lending Rate
MP Member of Parliament
MRP Mouvement Républican Populaire
NATO North Atlantic Treaty Organisation
NEC National Executive Committee
OECD Organisation for Economic Cooperation and Development
PLP Parliamentary Labour Party
PS Parti Socialiste
PSBR Public Sector Borrowing Requirement
RPR Rassemblement pour la Répubique
SDR Special Drawing Rights
SFIO Section Française de l’Internationale Ouvrière
TUC Trade Union Congress
UDF Union pour la Démocratie Française
VAT Value Added Tax
ix