The road to Brexit — 30 years since the Maastricht Treaty
Westminster Insider
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The Pathway for a Single European Currency
New PM John Major didn't much like the idea of a single european currency. He knew his party was badly divided on the issue. The rest of europe had long been committed to the project and draft treaty texts were already being written. They hammer out the pathway for a single currency note, monetary union but not accompanied by economic union. Big problem going down the line, as we know, for the single currency, you have a single interest rate which was set favoured germany. And it meant that there was huge public expenditure and private expenditure in countries like greece, spain, italy,. Eventually led to the financial crisis.
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