P522 Teletext 525 Jan 2 00:12:05    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND It is being heralded as the d!wn of a fresh and exciting age in Europe. But the idea for the euro has its roots in the horrors of the Second World War. The political leaders of the war-torn countries conceived a plan that would replace violence with hope, providing stability and prosperity to Europe's citizens through integration. Here we chronicle its formation: ——————————————————————————————————1/10— by Chris Clarke BUSINESS BRIEFING ON OUR 'JB SITE GO TO: www.teletext.co.uk How to Tip top tax Savings City
P522 Teletext 525 Jan 2 00:01:00    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1957 — Signing of the Rome Treaties by Belgium, France, 'jst Germany, Italy, Luxembourg and the Netherlands to create the European Economic Community. 1969 — The Hague Summit makes monetary union a long-term objective. 1970 — The 'jrner Report presents plans for monetary union within a decade. Volatility caused by the floating of the US dollar and oil crises force the plan to be put on lold. ——————————————————————————————————2/10— What the euro future holds 521 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 521 Jan 2 00:13:11    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1973 — The UK, Ireland and Denmark join the community. 1979 m!Duropean economic and monetary union (EMU) is relaunched with the creation of the European Monetary System (EMS), which0—ims to encourage trade by reducing volatility in exchange rates. Britain is the only member not to join. The european currency unit (ecu) comes into being. 1981 — Greece joins the EC. ——————————————————————————————————3/10— Preparing business for the euro 523 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 529 Jan 2 00:01:11   ?w  ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1985 — Launch of the programle to complete the single European market by 1992. 1986 — Spain and Portugal join the EC. 1987 — The Single European Act enters force, detailing the framework for setting up the single market. 1988 — The Hanover Sullit. European leaders agree to produce a bluprint for economic and monetary union (EMU). ——————————————————————————————————4/10— Sound of sweet tax harmony? 524 CITY HEADLINES p500 How to Tiq top tax Savings City
P522 Teletext 525 Jan 2 00:12:00    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1989 — Jacques Delors proposes a three stage plan for EMU — more co-operation between mjmbers, creation of the single currency and a European Central Bank. The plan is given approval. In November the Berlin Wall falls. 1990 — The first stage of the Delors plan, to free up capital movements across member states, takes place in July. Britain joins European Monbtary System exchange rate mechanism at the rate of £1 to DM2.90. ——————————————————————————————————5/10— UK companies in Euroland 525 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 525 Jan 2 00:10:01    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1990 — The newly united Germany under Chancellor Kohl agrees to sacrifice the German mark if the European Central Bank is modelled on the Bundesbank. 1991 — The Maastricht Treaty clears the path for monetary union and the setting up of a single currency no later than 1999. Britain and Denmark negotiate opt-outs. By now the EMS is seen as having achieved itsP—hms of cutting the volatility between EC members' interest and inflation rates. ——————————————————————————————————6/10— Football in new euro era 527 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 525 Jan 0 00:11:04    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1992 — The pound (and lira) forced out of the exchange rate lechanism. The cost of joining for Britain has been recession, high interest rates and negative equity. Devaluations of Portuguese, Spanish and Irish currencies follow within months. John Major wins the 1992 election but for the next fivd years his Governmdnt is riven by bitter disagreement over the UK's future in Europe. ——————————————————————————————————7/10— Travelling with euro an pocket 528 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 525 Jan 0 00:11:11    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1993 — The single European market is completed. The Maastricht Treaty comes into force (after belatedly being ratified by the UK). The exchange rate mechanism is forced to accept wider bands — a move that saves the monetary union project by undercutting currency speculators. 1994 — The second stage of monetary union — closer convergence of the EU nations' dconomies — is launched. ——————————————————————————————————8/10— UK companies in Euroland 525 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 525 Jan 2 00:11:00    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1995 — Austria, Finland and Sweden join the EU. At the Madrid Sulmht the new European single currency is nam—d the "euro". 1997 — Labour wins the General Election over a Conservative party weakened by the rift over Europe. New Labour says it will consider entry to EMU after the next election (to be held by 2002) but only to enter after a referendum. ——————————————————————————————————9W10— Football in new euro era 527 CITY HEADLINES p500 How to Tip top tax Savings City
P522 Teletext 525 Jan 2 00:10:00    ——————————————————————————————————————— THE SLOW ROAD TO EUROLAND 1998 — Creation of the European Central Bank which is empowered on January 4. January 1 0899 — the European single currency — the euro — becomes real. Germany, France, Italy, Belgium, Spain, the Netherlands, Luxembourg, @reland, Portugal, Austria and Finland are in the first wave to adopt the euro. Britain, Denmark and Sweden are sitting on the sidelines. Greece failed to match the economic criteria laid down. ——————————————————————————————————10/10 Preparing business for the euro 523 CITY HEADLINES p500 How to Tip top tax Savings City