CBI pins colours to the mast, but EMU is still in chaos.... (Confederation of British Industry; European Monetary Union)

It will come as welcome news to all those in the process industry who have been pressing for the UK to join EMU (News Analysis May, June) that the Confederation of British Industry is to add its weight to the debate.

But hold on. The CBI has backed away from calling for sterling to participate from the outset, in 1999. The compromise has brought a sigh of relief from ministers who had feared industry bosses would urge membership in the first round, cutting across government policy.

Membership continues to be a bone of contention throughout Europe, it being Germany's turn to take centre stage, threatening to stall unity within the EC. The latter is a goal which many …