Italy's minority government has announced that it now wants to join the new European Monetary System.
Italy's minority government has announced that it now wants to join the new European Monetary System. After the cabinet decision on Tuesday (12 December), Italy's Prime Minister, Mr. Giulio Andreotti, immediately began an attempt to get approval for the move from the country's divided parliament.
SYNOPSIS: As the Chamber of Deputies, Italy's lower house, debated the issue, other West European powers watched anxiously.
But there is a lot of opposition to the move in Italy, mainly from Communist and Socialist sectors.
Mr. Andreotti has a ready won praise from other Common Market leaders for his Cabinet's decision to join the EMS, which is scheduled to start on January the first next year. If Italy does join the EMS, it will give a boost to attempts to launch a solid currency front in Europe.
West Germany, France, Belgium, Holland, Denmark and Luxembourg have already decided to join the EMS.
If Mr. Andreotti manages to push the move through his parliament, Ireland and Britain will be the only member countries uncommitted to the EMS. Ireland is thought likely to follow Italy's lead.
Ireland is now trying to discover whether Italy has obtained any special terms for entry, and the country's parliament debates the issue on Thursday (14 December)