UK membership of the single currency
List of Boxes
1 The five economic tests
2 The implications of EMU
3 Modelling 'what if' the UK had joined EMU in 1999
1.1 The EC Treaty convergence criteria
1.2 The potential differential impact of an oil price shock
1.3 The potential differential impact of a trade shock
1.4 The potential differential impact of an equity price shock
1.5 Adjustment in and out of EMU and the transition to EMU
1.6 Measures and estimates of the sustainable exchange rate
1.7 Assumptions for the 'transition strategy' modelling toolkit
1.8 Illustrative options for the transition strategy to EMU
1.9 Transition in the first wave of EMU membership
2.1 Adjustment mechanisms inside and outside EMU
2.2 Adjustment to a temporary positive demand shock
2.3 The implications of different degrees of flexibility
2.4 How volatile would inflation and output be inside EMU?
2.5 Has UK real wage flexibility improved?
2.6 Employment opportunity across the EU
2.7 An indicator of labour market flexibility
2.8 Inflation as an adjustment mechanism - Ireland and the
Netherlands
2.9 Price flexibility in the UK
2.10 Risk sharing in the US
2.11 Has inflation helped adjustment?
2.12 House price inflation and adjustment inside the EU
2.13 A modern regional policy for the United Kingdom
2.14 The UK macroeconomic framework
2.15 Making fiscal policy effective
2.16 Fiscal rules in the current UK framework
2.17 An open letter to Parliament for fiscal policy
2.18 The existing tax regulators
2.19 Fiscal stabilisation in the US
3.1 Theories of investment
3.2 EMU's impact on uncertainty and investment
3.3 Difficulties with interpreting FDI data
4.1 Examples of retail financial services in the EU
5.1 The European Central Bank (ECB)
5.2 The EU fiscal framework
5.3 The consequences of population ageing in the EU
5.4 The United States as a monetary union
5.5 Seigniorage
5.6 Changeover costs
5.7 The impact of EMU on trade to date
5.8 Distributional effects implied by key sectoral characteristics
5.9 Progress in key areas of the Lisbon agenda
5.10 The European Convention
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