For the first time, the responsibilities of the EU are clearly defined, meaning an end to the so-called 'eurocreep
' whereby the EU gets new powers on an ad-hoc basis.
Drew warned of the danger of "Eurocreep
", explaining that
: The spread of the euro use in countries which have not joined.
This is why the process of eurocreep isseen by so many as being inevitable.
Meanwhile, other economic commentators declare that eurocreep will display the reality of monetary union to people here in the UK.
In spite of the wider political and constitutional arguments to European Union, analysts maintain that eurocreep will prove instrumental in ditching the pound sterling.
Others will gradually see the effects of "eurocreep", the process by which UK businesses find themselves as part of a euro supply chain and are commercially forced to accept euros to win orders.
By seeking to pay their own suppliers in euros, to avoid exchange risk, they will contribute to "eurocreep".
Even though Britain - along with Portugal, Denmark and Sweden - will not be joining the euro yet, British business will find the force of what has become known as 'eurocreep
I have come across one of those new jargon terms, "Eurocreep."
However, you will be hearing a lot more about Eurocreep.
And, gradually, as Eurocreep creeps over us all, and invades every aspect of our lives, it is argued that we will be sufficiently stupified to vote in favour of EMU at some unspecified point in the future.