The closer the European Monetary Union comes, the more emotional arguments come to the fore; the objective debate is mostly exhausted in the discussion about the fulfillment of the convergence criteria.

The example of Great Britain shows that the convergence criteria alone are not sufficient to ensure the functioning of monetary union. Because of the special structures of the British banking and financial system, Britain’s immediate participation in monetary union is fraught with considerable economic and political risks, both for the British side and for the other EU states. Structural changes would be necessary to allow unproblematic British participation in the European Monetary Union at a later date.

The study deals with legal, political and economic aspects of the overall problem and is intended for a broad readership.