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EMU, the UK and their future?

Demertzis, M and Low, K M and McAdam, P (1996) EMU, the UK and their future? Quarterly Economic Commentary, 22 (1). pp. 85-97. ISSN 0306-7866

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Economic and Monetary Union will take place on 1st January 1999 between a core of 'rich' countries leaving a 'two-speed' Europe which will show increasing divergence between the rich and the poor. This problem will be further compounded by the expansion of the EU when the countries of Eastern Europe are admitted. This leaves the question of the how the UK fits into Europe; should it enter EMU with the core countries or would it be better off in the periphery? This paper assesses European Monetary Union, (EMU), giving the economic and political rationale behind it and the problems underlying the politically driven agenda. The scenario of a two-speed Europe is discussed at length and the implications for the UK of two speed monetary union are critically appraised.