Special Position of the United Kingdom
3.5 Article 3 of TFEU states that the Union shall have exclusive competence for monetary
policy for the Member States whose currency is the euro. However, when provisions
on economic and monetary union were introduced in the Maastricht Treaty, the UK
gave notice that it did not intend to participate in full economic and monetary union or
the introduction of the euro. Furthermore, the current UK Government, in its Coalition
Programme for Government, stated that Britain will not join or prepare to join the euro in
this Parliament.