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The Proscpects for EMU by 1999 - and Reflections on Arrangements for the Outsiders


  • Niels Thygesen


The Member States of the European Union will have to face, over the next couple of years, the difficult issue of how to handle the relationship between those countries that are both willing and able to join the third stage of Economic and Monetary Union (EMU) and those countries that will remain outside, for one reason or another, when the first group moves ahead to lock exchange rates permanently and subsequently to introduce the single currency. The issue is difficult because it raises several sensitive issues not dealt with in the Maastricht Treaty or in other official documents. This issue is - with a couple of exceptions - only implicitly addressed in the academic literature. In consequence, the topic remians open for wide-ranging reflection, in part because the nature of the proposed solutions depends on the number and size of the countries which move ahead to EMU relative to those remaining initially outside.

Suggested Citation

  • Niels Thygesen, "undated". "The Proscpects for EMU by 1999 - and Reflections on Arrangements for the Outsiders," EPRU Working Paper Series 95-17, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:epruwp:95-17

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    References listed on IDEAS

    1. David F. Bradford, 1991. "Market Value versus Financial Accounting Measures of National Saving," NBER Chapters,in: National Saving and Economic Performance, pages 15-48 National Bureau of Economic Research, Inc.
    2. Christian Keuschnigg, 1991. "The Transition to a Cash Flow Income Tax," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 127(II), pages 113-140, June.
    3. Auerbach, Alan J, 1989. "Tax Reform and Adjustment Costs: The Impact on Investment and Market Value," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(4), pages 939-962, November.
    4. Bradford, D.F., 1989. "Market Value Us. Financial Accounting Measures Of National Saving," Papers 34, Princeton, Woodrow Wilson School - Discussion Paper.
    5. Alan J. Auerbach & Laurence J. Kotlikoff, 1983. "National Savings, Economic Welfare, and the Structure of Taxation," NBER Chapters,in: Behavioral Simulation Methods in Tax Policy Analysis, pages 459-498 National Bureau of Economic Research, Inc.
    6. Alan A. Tait, 1991. "Value-Added Tax; Administrative and Policy Issues," IMF Occasional Papers 88, International Monetary Fund.
    7. Howitt, Peter & Sinn, Hans-Werner, 1989. "Gradual Reforms of Capital Income Taxation," American Economic Review, American Economic Association, vol. 79(1), pages 106-124, March.
    8. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
    9. Browning, Edgar K, 1978. "The Burden of Taxation," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 649-671, August.
    10. Roger H. Gordon, 1985. "Taxation of Corporate Capital Income: Tax Revenues Versus Tax Distortions," The Quarterly Journal of Economics, Oxford University Press, vol. 100(1), pages 1-27.
    11. Cardarelli, Roberto & Sefton, James & Kotlikoff, Laurence J, 2000. "Generational Accounting in the UK," Economic Journal, Royal Economic Society, vol. 110(467), pages 547-574, November.
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