IDEAS home Printed from https://ideas.repec.org/p/eiq/eileqs/137.html
   My bibliography  Save this paper

What is the EU-UK relation all about? Tracking the path from monetary integration to “ever closeness”

Author

Listed:
  • Corrado Macchiarelli

Abstract

The history of European integration has been characterized by several ‘stops-and-goes’ with considerable support on political grounds. In this paper, we discuss the role of European integration for the future of the EU-UK relations. Integration, consistent with the idea of ‘completing’ the European Monetary Union (hence, a ‘Genuine Economic and Monetary Union’- GEMU), will have the obvious consequence of affecting the UK as well and the future of its negotiations with the EU. Provided that European integration worked in the past, the net benefits of staying out of the EU exante may be different from the same benefits ex-post, particularly in the likely scenario that the Union will have to ‘comprehensively’ move towards a GEMU to safeguard its integrity.

Suggested Citation

  • Corrado Macchiarelli, 2018. "What is the EU-UK relation all about? Tracking the path from monetary integration to “ever closeness”," LEQS – LSE 'Europe in Question' Discussion Paper Series 137, European Institute, LSE.
  • Handle: RePEc:eiq:eileqs:137
    as

    Download full text from publisher

    File URL: http://www.lse.ac.uk/european-institute/Assets/Documents/LEQS-Discussion-Papers/LEQSPaper137.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Glick, Reuven & Rose, Andrew K, 2015. "Currency Unions and Trade: A Post-EMU Mea Culpa," CEPR Discussion Papers 10615, C.E.P.R. Discussion Papers.
    2. Campos, Nauro F. & Macchiarelli, Corrado, 2016. "Core and Periphery in the European Monetary Union: Bayoumi and Eichengreen 25 years later," Economics Letters, Elsevier, vol. 147(C), pages 127-130.
    3. Fernanda Nechio, 2011. "Monetary policy when one size does not fit all," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue june13.
    4. M. Hashem Pesaran & L. Vanessa Smith & Ron P. Smith, 2007. "What if the UK or Sweden had joined the euro in 1999? An empirical evaluation using a Global VAR," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 12(1), pages 55-87.
    5. Yuemei Ji & Paul De Grauwe, 2013. "The Fragility of two Monetary Regimes: The European Monetary System and the Eurozone," CESifo Working Paper Series 4471, CESifo.
    6. Paul De Grauwe & Yuemei Ji, 2015. "The Fragility of Two Monetary Regimes: The European Monetary System and the Eurozone," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 20(1), pages 1-15, January.
    7. Paul De Grauwe & Yuemei Ji, 2012. "Self-Fulfilling Crises in the Eurozone. An Empirical Test," CESifo Working Paper Series 3821, CESifo.
    8. De Grauwe, Paul & Ji, Yuemei, 2013. "Self-fulfilling crises in the Eurozone: An empirical test," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 15-36.
    9. Mongelli, Francesco Paolo & De Grauwe, Paul, 2005. "Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?," Working Paper Series 468, European Central Bank.
    10. Mongelli, Francesco Paolo, 2013. "The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?," Occasional Paper Series 144, European Central Bank.
    11. Gert Peersman & Frank Smets, 1999. "The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area?," International Finance, Wiley Blackwell, vol. 2(1), pages 85-116, April.
    12. Michael W. Klein, 1998. "European Monetary Union," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 3-12.
    13. Salvatore, Dominick, 1997. "The Common Unresolved Problem with the EMS and EMU," American Economic Review, American Economic Association, vol. 87(2), pages 224-226, May.
    14. Gerba, Eddie & Macchiarelli, Corrado, 2016. "Interaction between monetary policy and bank regulation: theory and European practice," LSE Research Online Documents on Economics 68344, London School of Economics and Political Science, LSE Library.
    15. Mongelli, Francesco Paolo, 2013. "The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?," Occasional Paper Series 144, European Central Bank.
    16. Krogstrup, Signe & Wyplosz, Charles, 2010. "A common pool theory of supranational deficit ceilings," European Economic Review, Elsevier, vol. 54(2), pages 269-278, February.
    17. Daniel Gros & Dirk Schoenmaker, 2014. "European Deposit Insurance and Resolution in the Banking Union," Journal of Common Market Studies, Wiley Blackwell, vol. 52(3), pages 529-546, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    EMU; European integration; Brexit;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eiq:eileqs:137. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Katjana Gattermann). General contact details of provider: http://edirc.repec.org/data/eilseuk.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.