Why Britain is cool to Europe's new money system.

The author speculates that the British Labor government is likely to opt for a delayed entry into the proposed European Monetary System (EMS) slated to take effect on January 1, 1979. He says that the government of Prime Minister James Callaghan is wary of the possibility of the devaluation of the pound if the country enters the EMS. He also notes that Callaghan aims to address the question of EMS membership with his own campaign to persuade the Common Market to minimize the country's contribution to the European Commission (EC) Budget Fund.