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Author/Editor:
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Cottarelli, Carlo ; Escolano, Julio
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Publication Date:
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July 01, 2004
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Electronic Access:
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Free Full text
(PDF file size is 529KB).
Use the free
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper provides a framework for evaluating the decision to enter a currency area, including the best timing for entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U.K. Treasury in June 2003. The breadth and depth of its assessment is impressive by any standard. Nonetheless, this paper points at some areas that deserve to be explored further in future assessments. Covering these areas would not necessarily have changed the assessment's conclusion, namely that the case for entry is not yet "clear and unambiguous,." but it would have strengthened any conclusion reached. In addition, the paper highlights that in several areas relevant to the entry decision, the margin for uncertainty will remain significant, regardless of any reasonable attempt to reduce it.
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Order a print copy
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Series:
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Working Paper No. 04/116
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Subject(s):
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Monetary policy | United Kingdom | Euro area
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Author's Keyword(s):
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Assessing the Assessment | Five Tests | Euro Entry |
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English
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Publication Date:
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July 01, 2004
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA1162004
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Pages:
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45
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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