Remember Me
Or use your Academic/Social account:


Or use your Academic/Social account:


You have just completed your registration at OpenAire.

Before you can login to the site, you will need to activate your account. An e-mail will be sent to you with the proper instructions.


Please note that this site is currently undergoing Beta testing.
Any new content you create is not guaranteed to be present to the final version of the site upon release.

Thank you for your patience,
OpenAire Dev Team.

Close This Message


Verify Password:
Verify E-mail:
*All Fields Are Required.
Please Verify You Are Human:
fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Hay, Colin; Smith, Nicola Jo-Anne; Watson, Matthew (2006)
Publisher: Wiley-Blackwell Publishing Ltd.
Languages: English
Types: Article
Subjects: HG
The fact that Britain will, at most, be a late signatory to the single European currency means that the strategic deliberations it faces in deciding whether to enter EMU are rather different to those of earlier entrants. However, this crucial point is lost in almost all discussion of the subject. To date, the academic debate has been dominated by what we term 'prospective accountancy', in which a series of abstract counterfactuals ostensibly inform a stylised cost–benefit analysis. This article moves beyond such an approach by combining conjectures about the specificities of the British case with a concrete analysis of the experiences of the Eurozone member whose economy appears most closely to resemble Britain's: namely, Ireland. The comparative dimension of our work facilitates more empirically-based analysis of the merits and demerits of British entry into EMU. Yet, it is important not to lose sight of the limits of an exclusively comparative approach, for the British growth model is qualitatively different to that of other European Union economies. British growth since the early 1990s has been consumption led, and this in turn has been fuelled to a considerable degree by the release of equity from the housing market. The likely impact of EMU on the British economy will be determined to a significant extent, then, by its effect upon this key catalyst of British growth. Sadly, no retrospective comparison can inform such an assessment.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • Baker, T. J., Fitz Gerald, J. and Honohan, P. (1996) Economic Implications for Ireland of EMU (Dublin: Economic and Social Research Institute).
    • Barry, F. (2001) 'Fiscal policy in EMU' in E. Pentecost and A. van Poeck (eds), European Monetary Integration (Aldershot: Edward Elgar).
    • Bradley, J. (2000) 'The Irish economy in comparative perspective' in B. Nolan, P. O'Connell and C. Whelan (eds), Bust to Boom? The Irish Experience of Growth and Inequality (Dublin: Institute of Public Administration), 4-26.
    • Buckle, M. and Thompson, J. (2004) The UK Financial System, fourth edition (Manchester: Manchester University Press).
    • Council of Mortgage Lenders (2005) UK Housing Review 2004/2005 (London: Council of Mortgage Lenders).
    • CSO (1999) External Trade (Cork: Central Statistical Office).
    • CSO (2003) Foreign Direct Investment 2001 and 2002 (Cork: Central Statistical Office).
    • Daly, M. and Yeates, N. (2003) 'Common Origins, Different Paths: Adaptation and Change in Social Security in Britain and Ireland', Policy & Politics, 31: 1, 85-97.
    • Department of Finance (2003) Economic Review and Outlook (Dublin: The Stationary Office).
    • Drazen, A. (2000) Political Economy in Macroeconomics (Princeton, NJ: Princeton University Press).
    • Forfás (2004) End of Year Statement 2003 (Dublin: Forfás).
    • Görg, H. and Ruane, F. (2000), 'European integration and peripherality: lessons from the Irish experience', World Economy, 23: 3, 413-5.
    • Hall, P. A. and Franzese, R. (1998) 'Mixed signals: Central Bank independence, coordinated wage bargaining and European Monetary Union, International Organisation, 52: 3, 205-36.
    • Hay, C. (2003) 'Macroeconomic Policy Coordination and Membership of the Single European Currency: Another Case of British Exceptionalism?', Political Quarterly, 74: 1, 91-100.
    • IBEC (1999) Ireland's Transition to the Euro (Dublin: Irish Business and Employers' Confederation).
    • IBEC (2000) EMU - The Implications for Ireland (Dublin: Irish Business and Employers' Confederation).
  • No related research data.
  • No similar publications.

Share - Bookmark

Cite this article