European Council (Rome)

Part of the debate – in the House of Commons at 3:30 pm on 30 October 1990.

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Photo of Mrs Margaret Thatcher Mrs Margaret Thatcher The Prime Minister, Leader of the Conservative Party 3:30, 30 October 1990

Yes, I agree entirely with my right hon. Friend. It would do just that. 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.