By David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy
Monetary and financial Union (EMU) involves a basic shift in macroeconomic coverage for partaking member states. Adjusting to EMU examines the layout and supply of financial, monetary and supply-side rules in the euro sector. It appraises the facility of the rising coverage structure to bring a harmonious coverage combine to 12 heterogeneous economies and the reaction of person member states to the restrictions and possibilities created by means of EMU.
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Extra resources for Adjusting to EMU (One Europe or Several?)
If the effect is substantial, measured inflation will be higher, but the competitiveness of the tradables sector will be scarcely affected. In causing a real exchange rate appreciation, there may be problems. Alesina et al. (2001) suggest that the effect may have been quite pronounced for Ireland during the late 1990s, with above-average inflation not detracting from its competitiveness, but possibly perverse for Spain, the implication being that inflation in the trade sector was higher than in the non-traded sector.
Adopting such a constraint implies that either it has little consequence or that the benefits, which may be far removed from this immediate concern, are clearly greater. As in any democratic system, EU integration involves trade-offs and participating in Stage 3 could be compensated by issues relating to security, agriculture and so on. Hence in the immediate environment, it may be necessary to consider what offsetting changes need to take place to limit the adverse consequences of foregoing one’s own monetary policy.
For the new members that joined the EU in 2004, how quickly to seek entry to Stage 3 will be a big decision with substantial effects on economic development. A balance has to be struck between preserving flexibility to cope with the challenges of transition and adjustment to the EU internal market, on the one hand, and gaining the macroeconomic stability advantages of full participation in EMU, on the other. The new members are, however, very diverse. Six of them are very small economies that will probably gain from rapid entry and some of them may, indeed, choose to do so at the first opportunity.
Adjusting to EMU (One Europe or Several?) by David G. Mayes, Iain Begg, Dermot Hodson, Imelda Maher, Brian Ardy