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NFU to produce papers on euro; SINGLE CURRENCY: Union will spell out pros and cons.

NATIONAL Farmers' Union Cymru members are to be kept up to speed with the euro debate through a series of special economic papers.

As the debate on Britain's entry into the eurozone intensifies, the union is preparing papers which detail the pros and cons of the entry process and the targets the UK will have to meet.

``With recent indications from government that an early referendum is a growing possibility, the debate on UK entry into the euro is moving up the political agenda,'' said NFU Cymru president Peredur Hughes.

``In view of the forthcoming debate on EMU membership, NFU Economics will be publishing a series of papers covering key areas in the euro debate.

``This initial paper presents a route map towards a decision for entry and the necessary steps the UK must take if membership is the favoured option.''

He said subsequent papers will provide commentary and analysis in relation to key areas in the debate, relating to both the economy as a whole and the UK's agricultural sector in particular.

``The series of publications aim to contribute to the NFU taking an informed decision and confirm its stance on the contentious and sensitive issue of relinquishing sterling in favour of a single European currency.''

In 1992 the European Union member states ratified the Maastricht Treaty, and in doing so agreed that one of the principle objectives of the EU was to introduce a single European currency by the end of 1999.

Although the UK refrained from any commitment to adopting a single currency under this time frame, the EU was set on a course of European Monetary Union (EMU) and on January 1, 1999, eleven countries officially pegged their national currencies against a single European currency (the euro), with a 12th member (Greece) joining the group on January 1, 2001.

The early part of 2002 has brought with it the elimination of legacy currencies for the 12 participants and the circulation of euro notes and coins in their place.

The UK, together with Denmark and Sweden, remains outside the single currency.
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Publication:Western Mail (Cardiff, Wales)
Date:Jun 11, 2002
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