LONDON — Britain said today it will tie the British pound to other currencies in the European Monetary System, ending its long opposition to linking its economic policy with the European Community.
The change will take effect Monday and will mean that Britain will have to adjust its economic policies and interest rates to ensure that the pound stays within a certain range against the other currencies in the system.
The EMS already includes almost all 12 members of the European Community.
Britain has been the main opponent of a linked currency system. Prime Minister Margaret Thatcher has said that it would restrict the government's ability to set economic policy.
The battle over whether to join the EMS has also become a symbol of how much power Britain is willing to give up as it moves closer to integration with its fellow European Community nations.