In this reprint of his January 1998 lecture to the IEA, Mr Portillo directly addresses the political issues raised by EMU. He considers the project's effects on democracy and concludes that it raises real dangers of conflict in the future. The book also contains a postscript by noted American economist Professor Martin Feldstein.
The single currency is not 'merely an economic device' but '...a project in re-shaping the way our Continent is governed'.
The 'federalism' now being pursued at European level is 'highly centralising and owes much to the