anced. And finally c)The treatyof Maastricht 1993 further empowered the European Parliament, it cannow block new legislation but cannot itself initiate new legislation. TheEuropean court was also given the power to fine member states9. These examples show that Britains ability to defend its sovereigntyreally relates to its ability to negotiate within the framework of thetreaties that it signs, and also the extent to which it can slow the processof the erosion of its sovereignty down. Britains actions concerning theSingle European Currency are a good example of this. Because under aSingle European Currency Parliament would lose sovereignty over itscurrency reserves, the Central Bank interest rate, and the amount ofcurrency minted, since no Act of Parliament could be used to set thesethings. This sovereignty would pass to the European Central Bank10.Britain decided to hold itself out of the introduction of the Euro and seewhat reaction the new currency would create on the world market. Itcurrently plans to join the monetary union in 2003. In conclusion, Britains relationship to European integration since 1973has been one that sees this as a pragmatic necessity. Britain wouldprefer a salad bar Europe, with sovereign and individual states addingtheir own flavour to an economic Confederate of European states,though it will concede social integration when it can not avoid it. Theextent to which Britain can defend its sovereignty, has been shown to belimited, it can negotiate to arrange beneficial agreements with othermembers and really delay the effects of union....
