Rich, bland and nutty
WAFTING across the North Sea from Dutch ovens comes the unmistakable smell of monetary fudge. Rich, bland or nutty, it can suit all tastes. John Major liked the flavour at Katshuis, Norman Lamont asked for more at Apeldoorn, and by the end of the year, when they meet up in Maastricht, they can look forward to a real gobstopper. Not that they are saying so. The Maastricht meeting, on monetary and economic union, has been billed as the next decisive battle of the western world. Its result will, in theory, determine the pound's fate, and force Britain to decide whether we would rather be inside, staring out, or outside, staring in. I doubt it. We seem to have got somewhere with the practical idea that you unify markets first and currencies afterwards. Money is not a yoke to bind two disparate economies together. The Germans, having experi- enced monetary union in one country, take the point. Besides, the Dutch hosts have put fudge on the menu in the belief that it will be acceptable to all, though Jacques Delors may find it sticks in his teeth. It would suit the Prime Minister perfectly. What he must want is to put on a great show of resistance, and then to sign some- thing and commend it to the country, polls permitting. The opposition parties, having foolishly taken a more-Euro-than-you position, cannot use the patriotic card to trump him. Rich, indeed.
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