Should the UK Join Emu?

Michael J. Artis

31 citations0/0 files storedNational Institute Economic Review

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European Monetary and Fiscal Policies Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

This article considers the economic case for UK membership of EMU. Traditional optimum currency area (OCA) analysis provides only a weak case for membership: the UK is located among the periphery and not in the core. Considerations of the possible costs of isolation (the risks of trade discrimination and the dangers of a volatile currency) together with some pertinent qualifications of OCA analysis (the possible endogeneity of the OCA criteria) serve to strengthen the case for joining. Whilst it is not overwhelming, the final verdict is positive.

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References

1961A Theory of Optimum Currency Areas 1998The Endogenity of the Optimum Currency Area Criteria 1991Optimum Currency Areas 1996The Endogeneity of the Optimum Currency Area Criteria 1993Shocking aspects of European monetary integration 1997International Business Cycles and the ERM: Is There a European Business Cycle?1994The Economics of Monetary Integration.1997Is EMU more justifiable ex post than ex ante?

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