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The UK and the Euro: Some Key Economic Issues

Published online by Cambridge University Press:  27 October 2017

Mića Panić
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Extract

The most important conclusion to emerge so far from the interminable debate whether the UK should join European Monetary Union (EMU) is that, as things stand at the moment, neither side appears to be winning the economic argument! It is perfectly true, as supporters of the membership argue, that the country’s economy is so closely linked with those of other nations in Western Europe that the delay in adopting the single currency would be costly in the long term. However, the opponents are also correct when they point out that joining EMU would deprive the UK of important benefits that arise from the ability to pursue ‘independent’ macroeconomic policies.

Type
Research Article
Information
Cambridge Yearbook of European Legal Studies , Volume 5 , 2003 , pp. 35 - 58
Copyright
Copyright © Centre for European Legal Studies, Faculty of Law, University of Cambridge 2003

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References

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12 For a survey of the literature see IMF (1984) ‘Exchange Rate Volatility and World Trade’, Occasional Paper No 28 (IMF 1984).

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17 See Panic’ 2003, Globalization, 168–170.

18 EC Commission, Report of the Study Group on the Role of Public Finance in European Integration (1977).

19 Ibid, at 35.

19a Ibid, at 32 and 40.

20 HM Treasury, UK Membership of the Single Currency—An Assessment of the Five Economic Tests (1997) 5.

21 Ibid.

22 Barrell and Weale above n 15; Hall, SG and Yhap, B, ‘Measuring the Correlation of Shocks between the UK and the Core of Europe’, NIESR Discussion Paper No 213 (National Institute of Economic and Social Research 2003)Google Scholar.

23 The (House of Commons) Treasury Committee: The UK and the Euro: Sixth Report of Session 2002–03, Vol I (Stationery Office 2003) (hereafter ‘the Treasury Committee’).

24 HM Treasury above n 20 at 8.

25 Ibid at 5.

26 The Treasury Committee at 38–39.

27 HM Treasury above n 20.

28 Ibid at 22.

29 Panic’ above n 1.

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31 The Treasury Committee at 36.

32 The Treasury Committee at 37.

33 HM Treasury above n 20 at 35.