MADRID — Britain today rejected plans to create a single European currency and a central bank but pledged to accept some elements of a plan to form a united European market by late 1992.
West Germany, however, urged the leaders of the 12-nation European Economic Community to endorse the single currency and central bank.
Under a plan being considered at an EEC summit in Madrid, member states would gradually hand over economic policy-making power to the EEC. Surrendering aspects of national sovereignty is a key issue as the community heads toward dropping all trade barriers and creating the single market in 1992.
"Decisions on these matters are simply not on the current agenda," British officials quoted Prime Minister Margaret Thatcher as telling the closed-door summit meeting. "We must stick to the practical and go for what needs to be done now."
The leaders adjourned for lunch on the first day of the two-day summit with aides seeking to draw up a compromise position.