"The eurozone’s significance was more than symbolic. It implied the gradual synchronization of its members’ economies, including monetary policy, national investment and transfers between rich and poor regions. For northern Europe the euro bound Germany into ever closer union. For Spain, Italy and Greece, it was a double-edged sword. It signified merger with Europe’s most sophisticated economies, but also economic adjustments for which these countries were by no means ready. Britain had joined the Exchange Rate Mechanism, but dropped out with the pound under extreme pressure on ‘black Wednesday’ in 1992. The Major government declined to join the euro. It also ‘opted out’ of Maastricht’s ‘Social Chapter’, which covered areas such as employment rights."