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The UK and EMU: Choosing the Regime

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  • Ray Barrell

    (National Institute of Economic and Social Research, r.barrell@niesr.ac.uk)

Abstract

The UK has to make a decision on membership of EMU in the next two years. The monetary and fiscal regimes in the Euro Area and in the UK do not differ greatly. However, we argue that membership of EMU will increase the stability of the economy and the credibility of the policy framework, and hence will enhance the prospects for growth and higher incomes and employment. There appear to be no major problems associated with joining EMU at around 1.50 euros to the pound, although there are risks to the UK if the euro appreciates against the dollar after we have entered. However, the costs associated with this risk have to be offset against the probability of the significant output gains that could come from EMU membership in the medium term.

Suggested Citation

  • Ray Barrell, 2002. "The UK and EMU: Choosing the Regime," National Institute Economic Review, National Institute of Economic and Social Research, vol. 180(1), pages 54-71, April.
    • Handle: RePEc:sae:niesru:v:180:y:2002:i:1:p:54-71
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    Cited by:

    1. Fic, Tatiana & Barrell, Ray & Holland, Dawn, 2008. "Entry rates and the risks of misalignment in the EU8," Journal of Policy Modeling, Elsevier, vol. 30(5), pages 761-774.
    2. International Monetary Fund, 2004. "United Kingdom: Selected Issues," IMF Staff Country Reports 2004/055, International Monetary Fund.
    3. Patrick Minford, 2004. "Britain, the Euro, and the Five Tests," Cato Journal, Cato Journal, Cato Institute, vol. 24(1-2), pages 75-87, Spring/Su.
    4. Mr. Carlo Cottarelli & Mr. Julio Escolano, 2004. "Assessing the Assessment: A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry," IMF Working Papers 2004/116, International Monetary Fund.

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