UK membership of the single currency
List of Abbreviations
BEPGs Broad Economic Policy Guidelines
BIS Bank for International Settlements
CBI Confederation of British Industry
E5 Group of five countries at the geographical centre of the euro area: Belgium, France, Germany, Luxembourg and the Netherlands
ECB European Central Bank
EDP Excessive Deficit Procedure
EFTA European Free Trade Association
EIU Economist Intelligence Unit
EMU Economic and Monetary Union
ERM Exchange Rate Mechanism
EU European Union
EU15 The 15 members of the EU. Comprises the 12 members of EMU: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; plus Denmark, Sweden and the UK
FDI Foreign direct investment
FSA Financial Services Authority
FSAP Financial Services Action Plan
G7 Canada, France, Germany, Italy, Japan, the UK and the US
GDP Gross domestic product
GVA Gross value added
HICP Harmonised Index of Consumer Prices
ICT Information and communication technology
IFSL International Financial Services, London
ILO International Labour Organisation
IMF International Monetary Fund
IT Information technology
M&A Mergers and acquisitions
MIPs Mortgage interest payments
MIRAS Mortgage interest relief at source
MPC Monetary Policy Committee
NAFTA North American Free Trade Agreement
NAIRU Non-accelerating inflation rate of unemployment
NIESR National Institute of Economic and Social Research
NiGEM National Institute Global Econometric Model
OCA Optimal currency area
ODPM Office of the Deputy Prime Minister
OECD Organisation for Economic Cooperation and Development
OEIC Open-ended investment company
OFT Office of Fair Trading
ONS Office for National Statistics
PPP Purchasing power parity
QMV Qualified majority voting
R&D Research and development
RDA Regional Development Agency
RMS Root mean squared
RPI Retail Prices Index
RPIX Retail Prices Index excluding mortgage interest payments
RPL Relative price level
SGP Stability and Growth Pact
SMEs Small and medium-sized enterprises
SVAR Structural vector auto-regression
TARGET Trans-European Automated Real-time Gross settlement Express Transfer system
UIP Uncovered interest parity
UK United Kingdom
UNCTAD United Nations Conference on Trade and Development
US United States
VAT Value Added Tax
WEO IMF World Economic Outlook
WTO World Trade Organisation
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