BP boss backs single currency
Wednesday 13 December 1995
The committee's report was far more committed to monetary union than British business as a whole which, according to a joint CBI and British Chambers of Commerce report last month, would prefer to keep options open and decide nearer the time.
The European Commission's Competitiveness Advisory Group, made up of senior business people and trade unionists, said completion of the internal market was an absolute priority to enhance competitiveness.
Further progress on the internal market required that "European monetary union be fully implemented as scheduled. Many of the benefits bestowed by an integrated internal market can materialise only with the introduction of the European currency."
The report, commissioned by Jacques Santer, president of the European Commission, has been published ahead of the Madrid summit of European leaders. The group's first report was published before the Cannes summit.
Introducing the report, Sir David said his personal support for monetary union was conditional on convergence between European economies and on having a single market as the goal.
The committee said monetary union would avoid exposing trade inside Europe to sudden gyrations in exchange rates. The benefits for all countries "irrespective of the present condition of their currency will be greater the higher the number of participating member states."
The ambitious targets within the Maastricht treaty were now within reach and any delay or postponement "could drive them further away, with the risk of losing them, as well as jeopardising the work of decades, with the resurgence of the danger of nationalistic attitudes and demands".
- 2 Dutch King Willem-Alexander declares the end of the welfare state
- 4 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks busy Dublin road
- 5 'Cool kids' can go on to become losers in later life, study finds
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Edward Heath 'child sex abuse' allegation: Investigation to be held into Wiltshire police handling of alleged claim in the 1990s
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
Up to 70k DOE: Guru Careers: We are seeking an experienced Financial Director ...
£11000 - £50000 per annum: Recruitment Genius: This financial company offer ma...