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 … interpretation of the exchange rate criterion for EMU membership is that it requires two years of successful membership in the …

In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the … shocks relatively less important in accounting for economic fluctuations under EMU. This explains why there is little change …

outside EMU to the EMU-inflation rate, and compare it with exchange rate pegging. We find that inflation targeting suffers …

exchange rate movements and the relative output movements of potential members of a European Monetary Union (EMU). We find that … results make it hard to argue that the loss of exchange rate flexibility accompanying EMU would come at a significant cost to …

-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 …

and adjustment commitments, and the possible role that EMU may play. Clearly, monetary commitment alone cannot accomplish … conditionality that might be welfare-improving for transition economies hoping to accede to EMU. The analysis also highlights the …