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The UK and the Euro

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  1. Introduction
  2. The economic and political debate
    1. Arguments for membership
    2. Arguments against
  3. Is Britain likely to join in the next few years?
    1. Public opinion
    2. Interest groups: The media and the No and Yes campaign
    3. 'Prepare and persuade'
  4. Conclusion
  5. References

Exposé en Anglais sur le Royaume-Uni et un passage éventuel à l'euro, qui examine les différents arguments favorables et opposés à l'adoption de la monnaie européenne.

Soon after election, in 1997, the Chancellor, Gordon Brown, said that four of the five tests had not been met (only the fourth was met, about the impact of euro membership on the City of London) but that there were obvious economic benefits to joining. He said that the government should ?prepare intensely? so that Britain could be in a position to sign up ?early in the next Parliament?. On June of this year, he said exactly the same thing, except he did not give a date.
Are the benefits of Euro membership obvious for Britain? Will a referendum be held in the next Parliament? What would be the outcome?

[...] Moreover, a study of the Treasury found that if Britain had joined in 1997, excess demand would have pushed inflation to nearly and it would have stayed high. This would have made the economy less competitive. Britain would also be constrained by the stability pact and short-term interest rates set by the European Central balk would have a disproportionate effect on British homebuyers. Arguments against As a foreigner, I would like to underline some of the benefits of Euro membership. [...]


[...] These tests were placed within the context of a need for ?sustainable and durable? convergence, between the UK and European economy. In particular the Treasury emphasises that the British economy: - has to have converged with Europe; - can demonstrably be shown to have converged, and - that the convergence is capable of being sustained, and - that there is sufficient flexibility to adapt to change and unexpected economic events. Soon after election, in 1997, the Chancellor, Gordon Brown, said that four of the five tests had not been met (only the fourth was met, about the impact of euro membership on the City of London) but that there were obvious economic benefits to joining. [...]

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