United Kingdom: Staff Report for the 1999 Article IV Consultation

March 6, 2000

Summary

The United Kingdom showed impressive economic performance and low inflation owing to its strong policy frameworks. Executive Directors commended this development, and stressed the need to tighten fiscal and monetary stances, and accelerate structural reforms. They appreciated the steps to increase competition, encourage innovation, and put in place appropriate regulatory regimes. Directors welcomed the recent welfare and labor market reforms. They agreed that the entry into European Economic and Monetary Union remains a key medium-term decision for the country.

Subject: Employment, Inflation, Inflation targeting, Labor, Labor markets, Monetary policy, Prices

Keywords: conditioning assumption, CR, current account, Employment, exchange rate, Global, government, Inflation, Inflation targeting, ISCR, Labor markets, monetary policy, opt-out status, policy, policy rule, reaction function, reform proposal, U.K. economy

Pages:
62
Volume:
2000
DOI:
https://doi.org/10.5089/9781451814095.002
Issue:
032
Series:
Country Report No. 2000/032
Stock No:
1GBREA0012000
ISBN:
9781451814095
ISSN:
1934-7685

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Notes

Contains the text of Public Information Notice No. 00/17--IMF Concludes Article IV Consultation with the United Kingdom and Statement by Mr. Stephen Pickford, Executive Director, March 1, 2000.

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