"There are, I believe, two grounds for rejecting the EMS. The first is economic. It is based, I believe, upon a false analysis of the cause of inflation and the lack of growth, which are essential components in the creation of unemployment. The second ground is political. It is equally as important as the first, and is not simply a political aspect. Acceptance of the EMS is a first essential step towards economic and monetary union, which is at the heart of a federal Europe."