The Maastricht Summit agrees to create single currency in 1999. January 1999 set as the last allowable date for its introduction. Tory rebels defeat British Government on the Maastricht Bill. Maastricht Bill is finally passed by the Commons, with 41 Tories rebelling. Emu stage two begins.
Member states commit themselves to working towards currency convergence criteria.
Prototype coins unveiled. European Commission Green Paper calls for member states to commence public relations campaigns aimed at convincing business, industry and the public of the benefits of monetary union. German Finance Minister Theo Waigel stresses that Maastricht convergence criteria must be strictly adhered to, and expresses doubts about Italy and Germany's economic fitness. His comments spark turmoil across Europe's currency and equity markets. Referendum Party fails to make an impact on the British general election, but the victorious Labour Party pledges in its manifesto to hold a referendum on the issue, should the Government decide it is in favour of joining the euro.