. The use of the euro as a formal parallel currency in accession countries prior to EMU membership (or even prior to EU … accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of … view, EMU membership should be as early as possible, preferably at the same time as EU membership. The prevailing …

test of this proposition, and the outcome leaves the EU found wanting. The first section of this paper places EMU in the …

Economic and Monetary Union (EMU) were met and the seventh pair saw the euro conversion rate be set at 200 escudos. The agreed …-oriented policy was maintained until EMU qualification but there were no other major reforms, rasing the threat of a "euro hold … on capital inflows at the beginning of first stage of EMU. Yet, the escudo-DMark rate, even allowing for the last …

This paper addresses the issue of the transition from Stage Two of EMU to Stage Three. The criteria established in the …

-run nominal rigidity in wages and prices, one would expect that under European Monetary Union (EMU) the loss of the exchange rate … strategically responsive monetary policy, floating is superior to EMU for all countries, and that even if the rest of the Community … proceeds with EMU, the UK is better off outside it. This latter conclusion is reinforced in the exercise on the more refined UK …

currently discussed on exchange rate dynamics in the transition phase towards Stage III of EMU. The conclusions from our … analysis may provide guidelines not only for the initial EMU members, but also for the countries that join at a later stage. …