Analysis an policy developments and institutional strategies of the British two main parties towards European Montary Union

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In this research project, I focused on the dynamic interaction between policy development of the two main parties in Britain towards European Monetary Union (EMU) and their strategies in terms of institutional reform. In addition, I made an analysis-of gradual development of party leaders' attitudes on EMU, as well as its impact on the prospect with regard to British entry into the European single currency (euro). Furthermore, I tried to deepen my analysis by using the concept of "Europeanization", which has been drawing academic attention recently.The main achievement of this research project is that it formulated a coherent explanatory framework based on historical institutionalist approach, in terms of policy development of the two main parties towards EMU.Conservative leadership's negative attitude on Britain's euro entry can be seen as a manifestation of its centralising strategy.On the one hand, Conservative leadership seeks to facilitate centralisation within national level of political institutions, and on the other hand, it tries to resist European integration at the supranational EU level. This attitude shows a clear sign of retrenchment towards growing Europeanization of British politics on the part of Conservative Party.By contrast, Labour leadership's positive attitude on Britain's euro entry can be seen as a manifestation of its decentralising strategy. Labour leadership seems to pursue decentralising strategy which has brought forth various constitutional reform programs. On the one hand, Labour leadership favours decentralisation process from national institutions to regional or local institutions, and on the other hand, it welcomes a certain degree of further integration at the EU level. This attitude could be summarised as Labour's effort to transform British political institutions in preparation for euro entry, which is a crucial aspect of Europeanization.