“What we are talking about is pooling of reserves which in its complete form would take us at one move to full EMU (European Monetary Union). Full EMU would deprive member countries of many of the policy instruments needed to influence their economic performances and (particularly in the case of the exchange rate) to rectify imbalances that arise between them…In an EMU, equilibrium could only then be restored by inflation in the ‘high performance’ countries and unemployment and stagnation in the ‘low performance’ countries, unless central provision is made for imbalances to be offset by massive and speedy resource transfers”
– Derek Mitchell, UK Treasury memo, 1973
Phelanomics 