What If Britain Snubs Monetary Union?

The City might be even better off, say some financiers

As more and more Continental banks put down roots in London, the City's position as Europe's financial hub might seem assured. But a bizarre debate has broken out among industry insiders. Some insist that if Britain refuses to join the European Monetary Union (EMU), scheduled to start in 1999, London's financial preeminence could be undermined. Others say the only way to stay on top is to stay out.

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