In the context of the U.K. government’s EMU entry condition of cyclical convergence, this paper (i) provides further evidence suggesting that historically the U.K.’s business cycle has been more volatile than, and relatively independent of, the cycles in the euro-area countries; and (ii)...

The paper reviews issues related to accession of the EU New Member States to the Eurozone. The paper was written before the global financial and economic crisis, but much of it it still relevant even for the post-crisis world