In such a contest even the institution of Monarchy, as the very symbol of British traditions, isn't as firm as it seemed before the Windsor family's scandals in the early 90s. Many Britains could now imagine to live even in a Republic and according to some polls they are already a majority. Though he was said to have some sympathies for these ideas, Tony Blair has however underlined his loyalty to the crown, especially in the difficult days after the death of Princess Diana Spencer.
Another potential threat to British sovereignty is the process of European monetary integration. When eleven European partners started the Euro last year, Britain remained a spectator together with three other nations. But dissimilar to the Swedes, Danes and Greeks, who are now preparing to join the Monetary Union as soon as possible, the British people are still fond of the Pound and show little will to abandon it in favor of the new continental currency. Tony Blair would like to join, but he has promised to hold at least a referendum on the question. The outcome of such a test appears absolutely unpredictable. Meanwhile, however, Labour tries at least to adapt to European standards and therefore has finally given the Bank of England the long overdue freedom to autonomously set its monetary politics.
