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It would also mean that there would have to be enormous transfers of money from one country to another. It would cost us a great deal of money. One reason why some of the poorer countries want it is that they would get those big transfers of money. We are trying to contest that. If we have a single currency or a locked currency, the differences come out substantially in unemployment or vast movements of people from one country to another. Many people who talk about a single currency have never considered its full implications.

When the Delors proposals for economic and monetary union came out, it was said immediately by my right hon. Friend [ Nigel Lawson ] the then Chancellor of the Exchequer that this was not really about monetary policy at all but about a back door to a federal Europe, taking many democratic powers away from democratically elected bodies and giving them to non-elected bodies. I believe fervently that that is true, which is why I shall have nothing to do with their definition of economic and monetary union.

I think that it is wrong to think that all the Twelve have similar votes or influence in these matters. I think that some in Germany are backing the scheme because they know that the dominant voice, the predominant voice, on any central bank would be the German voice. If we did not retain our national identities in Europe, the dominant people in Europe would be German. The way to balance out the different views of Europe, as we have traditionally done throughout history, is by retaining our national identity.

Margaret Thatcher, European Council, 30 ottobre 1990 (via Daniele Della Seta)

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