Below is the text of Mr Major’s comments on the Social Chapter and the ERM, made in London on 26th May 1993.
[The Prime Minister was asked if it was the situation that he disliked the ERM, the Social Chapter and wanted a Europe a la Carte?]
No it is not, but neither are we in favour of a prescribed Europe a la Carte, prescribed from the centre. Can I take those three issues separately. Why do I oppose the social chapter? It sounds very friendly, does it not, the social chapter? If you called it what it really is -
On the Exchange Rate Mechanism, I entered the Exchange Rate Mechanism because I have a passionate dislike of inflation, inflation wrecks jobs, wrecks countries, wrecks lives, I loathe it. We left the Exchange Rate Mechanism through force majeure, it was not a matter of choice, the market overwhelmed us and we left. It might have overwhelmed the Franc if it had been a reserve currency with as many non-