The real test of the British Labour Party's new orientation to Europe will be its policy on economic and monetary union (EMU). This article analyses Labours political economy in relation to European integration and to the management of the currency, and how the intersection of these two have produced four distinctive approaches to EMU within the party. It assesses the stance of new Labour towards EMU in the context of this internal Labour Party debate as well as in the wider context of European social democracy.
The British Labour Party and monetary union
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