Italian setback on EMU
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Italy's prospects of joining EMU in the first wave in 1999 appeared dented this week. There were reports of a Franco-German pact to exclude it from monetary union in 1999 and adverse comments from the European Monetary Institute, the forerunner of the European Central Bank, writes Chris Hughes.
Italian newspaper reports said Germany had persuaded France to agree to exclude Italy on the grounds that corrections to its budget were cosmetic. Many Germans fear the euro would be weaker than the Deutschmark if Italy joined in 1999. The reports suggested that Germany had threatened to delay the entire project.
Alison Cottrell of Paine Webber said the Italian electorate was being softened up for the news that Italy would not be taking part in 1999. While Germany is keen to exclude Italy from the first wave, it may not qualify itself. However, according to Michael Lewis of Deutsche Morgan Grenfell, officials were this week talking about calculating Germany's budget on the basis of the former West Germany.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments