 The European Community's push for full Economic and Monetary Union (EMU) was another important factor in Major's time as Chancellor; in June 1990 he proposed that instead of a single European currency there could be a could be a 'hard ECU', which different national currencies could compete against and, if the ECU was successful, could lead to a single currency.The move was seen as a wrecking tactic by France and Germany, especially when the increasingly Euro-sceptic Thatcher announced her outright opposition to EMU, and the idea was abandoned.More successfully, Major managed to get the new European Bank for Reconstruction and Development (EBRD) located in London.