The Tentative Alliance? Britain, Italy and Participation in the European Monetary System

The partnership between Italy and Britain has been a constant, albeit troubled, topic in the process of European integration. After the United Kingdom had become a member state, a London-Rome axis had been envisioned, to counteract the special relationship between the governments of Paris and Bonn. A peculiar example of po­tential Anglo-Italian alliance was the series of negotiations which led to the creation of the European Monetary System in 1978. The timing of this initiative was extremely unfortunate for both countries, which were struggling with internal problems. Despite differing views and positions in the international scenario, close collaboration be­tween the countries could have helped in attempting to correct the presumed inequities in the Community Budget and the Common Agricultural Policy. The picture which emerges from British documents shows how, in spite of her weaknesses, Italy indeed played an important role in London’s European policy, at least as regards certain topics and moments. One element which could jeopardise this relationship was Britain’s strategy in concealing her real intentions in joining the EMS.