Convergence criteria and EMU membership: Theory and evidence

Journal of European Integration

Volumn 21, Issue 4, 1999, Pages 281-305

  Burkitt, Brian ^a   Whyman, Philip ^a  

^a UNIVERSITY OF BRADFORD   (United Kingdom)

Author keywords

Convergence criteria; Economic and monetary union; Economic convergence; European integration; Optimum currency areas

Indexed keywords

EID: 0009915917     PISSN: 07036337     EISSN: 14772280     Source Type: Journal    
DOI: 10.1080/07036339908429071     Document Type: Article

References (56)

1. Aglietta, M., and Uctum, M., 1996. Europe and the Maastricht challenge, Research Paper 9616 New York: Federal Reserve Bank of New York.
2. Arestis, P., and Sawyer, M., 1996. Making the ‘euro’ palatable. New Economy, 3(2): 89–92.
3. Baimbridge, M., 1997. Is EMU ready for take‐off?. The Review of Policy Issues, 3(4): 25–33.
4. Baimbridge, M., Burkitt, B., and Whyman, P., 1997. EMU ‐ a critical British perspective. New Political Economy, 2(3): 488–492.
5. Baimbridge, M., Burkitt, B., and Whyman, P., 1998. Evaluation of convergence criteria, London: HMSO. Preparations for Stage Three of Economic and Monetary Union, Treasury Committee, House of Commons.
6. Bank for International Settlements. 1996. Central bank survey of foreign exchange and derivatives market activity, Switzerland: Basel.
7. Bayoumi, T., and Eichengreen, B., 1993. “ Shocking aspects of European monetary integration ”. In Adjustment and growth in the European Monetary Union, Edited by: Torres, F., and Giavazzi, F., Cambridge: Cambridge University Press.
8. Bini‐Smaghi, L., and Vori, S., 1992. “ Rating the EC as an optimum currency area: is it worse than the US? ”. In Finance and the international economy, Edited by: O'Brien, R., Oxford: Oxford University Press.
9. Blanchard, O., and Katz, L., 1992. Regional evolutions. Brookings Papers on Economic Activity, 1: 1–61.
10. Bruno, M., and Sachs, J.D., 1985. Economics of worldwide stagflation, Oxford: Blackwell.
11. Buiter, W., Corsetti, G., and Roubini, N., 1993. Excessive deficits: sense and nonsense in the Treaty of Maastricht. Economic Policy, 16: 57–100.
12. Burkitt, B., Baimbridge, M., and Reed, S., 1992. From Rome to Maastricht: a reappraisal of Britain's membership of the European Community, Sudbury: Anglia Press.
13. Burkitt, B., Baimbridge, M., and Whyman, P., 1996. There is an alternative: Britain and its relationship with the EU, Oxford: Nelson & Pollard.
14. Burkitt, B., Baimbridge, M., and Whyman, P., 1997. A price not worth paying: the economic cost of EMU, Oxford: Nelson & Pollard.
15. Carlin, W., and Soskice, D., 1990. Macroeconomics and the wage bargain, Oxford: Oxford University Press.
16. Cook, R., 1995. The future of the European Union: A report on Labour's position in preparation for the Intergovernmental Conference 1996, London: The Labour Party.
17. Corden, M., 2000. “ Monetary integration; the intellectual pre‐history ”. In Economic and Monetary Union in Europe, Edited by: Baimbridge, M., and Whyman, P., Cheltenham: Edward Elgar.
18. De Grauwe, P., 1994. The economics of monetary integration, Oxford: Oxford University Press.
19. Dréze, J., and Bean, C.R., 1990. European unemployment: lessons from a multi‐country econometric study. Scandinavian Journal of Economics, 92(2): 135–165.
20. EC Commission. 1990. “ One money, one market ”. In European Economy, No. 44, Luxembourg: Office for the Official Publications of the European Communities.
21. Eichengreen, B., 1990. One money for Europe? Lessons from the U.S. currency union. Economic Policy, 10: 118–187.
22. Eichengreen, B., 1992. “ Is Europe an optimum currency area? ”. In The European Community after 1992: perspectives from the outside, Edited by: Borner, S., and Grobel, H., London: Macmillan.
23. Eichengreen, B., 1993. European monetary unification. Journal of Economic Literature, 31(3): 1321–1357.
24. Eichengreen, B., 1997. “ Labour Markets and European Monetary Unification ”. In European monetary unification, Edited by: Eichengreen, B., Cambridge, MA: MIT Press.
25. Eltis, W.A., 1996. If EMU happens should Britain join?. International Currency Review, 23(3): 61–66.
26. Ermisch, J., 1991. European integration and external constraints on social policy: is a social charter necessary?. National Institute Economic Review, May: 93–108.
27. EU Commission. 1992. Treaty on European Union, Luxembourg: Office for the Official Publications of the European Communities.
28. EU Commission. 1998. Euro 1999; Report on progress towards convergence and the recommendation with a view to the transition to the third stage of economic and monetary union ‐ Part I: Recommendation, Luxembourg: Office for the Official Publications of the European Communities.
29. Fleming, J.M., 1971. On exchange rate unification. Economic Journal, 81: 467–488.
30. Friedman, M., 1953. “ The case for floating rates ”. In Essays in positive economics, Edited by: Friedman, M., Chicago: University of Chicago Press.
31. Goodhart, C.A.E., 1992. “ National fiscal policy within EMU: the fiscal implications of Maastricht ”. In EMU and ESCB after Maastricht, Edited by: Goodhart, C.A.E., London: London School of Economics/Financial Markets Group.
32. Goodhart, C.A.E., 1995. “ The political economy of monetary union ”. In Understanding independence: the macroeconomics of the open economy, Edited by: Kenen, E.B., Princeton: Princeton University Press.
33. Haberler, G., 1970. “ The international monetary system: some recent developments and discussions ”. In Approaches to greater flexibility of exchange rates, Edited by: Hahn, G.N., Princeton: Princeton University Press.
34. HM Treasury. 1997. UK membership of the single currency: an assessment of the five economic tests, London: HM Treasury.
35. Holland, S., 1995. “ Squaring the Circle? The Maastricht Convergence Criteria, Cohesion and Employment ”. In Full employment for Europe, Edited by: Coates, K., and Holland, S., Nottingham: Spokesman.
36. Ingram, J., 1969. “ Comment: the currency area problem ”. In Monetary problems of the international economy, Edited by: Mundell, R.A., and Swoboda, A.K., Chicago: University of Chicago Press.
37. Ingram, J., 1962. Regional payments mechanisms: the case of Puerto Rico, North Carolina: University of North Carolina Press.
38. Kenen, P.B., 1969. “ The theory of optimum currency areas: an eclectic view ”. In Monetary problems of the international economy, Edited by: Mundell, R.A., and Swoboda, A.K., Chicago: University of Chicago Press.
39. Kenen, P.B., 1995. Economic and Monetary Union in Europe: moving beyond Maastricht, Cambridge: Cambridge University Press.
40. Layard, R., Nickell, S., and Jackman, R., 1991. Unemployment: macroeconomic performance and the labour market, Oxford: Oxford University Press.
41. MacDougall, D., 1992. Economic and Monetary Union and the European Community Budget. National Institute Economic Review, May: 64–68.
42. Magnifico, G., 1973. European monetary unification, New York: Wiley.
43. Masson, P.R., and Taylor, M.P., 1993. Common Currency Areas and Currency Unions: An analysis of the issues, Parts I and II. Journal of International and Comparative Economics, 1(3–4): 231–294.
44. McKinnon, R., 1963. Optimum currency areas. American Economic Review, 53: 717–725.
45. Mundell, R.A., 1961. A theory of optimum currency areas. American Economic Review, 51: 657–665.
46. OECD. 1986. Flexibility in the labour market, Paris: OECD.
47. Pennant‐Rea, R., 1997. The ostrich and the EMU ‐ policy choices facing the UK, London: Centre for Economic Policy Research.
48. Romer, P.M., 1994. The origins of endogenous growth. Journal of Economic Perspectives, 8(1): 3–22.
49. Taylor, M., 1995. A single currency ‐ implications for the UK economy, London: Institute of Directors.
50. Tower, E., and Willett, T.D., 1970. “ The concept of optimum currency areas and the choice between fixed and flexible exchange rates ”. In Approaches to greater flexibility of exchange rates, Edited by: Hahn, G.N., Princeton: Princeton University Press.
51. Trades Union Congress. 1993. European common currency, London: TUC.
52. Vaubel, R., 1976. Real exchange rate changes in the European Community: the empirical evidence and its implications for European currency unification. Weltwirtschaftliches Archiv, 112: 429–470.
53. Vaubel, R., 1978. Strategies for currency unification, Tübingen: J.B.C. Mohr.
54. von Hagen, J., 1993. “ Monetary union and fiscal union: a perspective from fiscal federalism ”. In Policy issues in the operation of currency unions, Edited by: Masson, P.R., and Taylor, M.P., Cambridge: Cambridge University Press.
55. Weber, A.A., 1991. Reputation and credibility in the European Monetary System. The European Economy, 12: 57–102.
56. Whyman, P., 1997. Fiscal federalism and EMU: a proposal for a European federal transfer scheme, Working Paper No. 97.10.5 Bradford: Department of Social and Economic Studies. University of Bradford.