Why the United Kingdom Should Not Join the Eurozone

A. Patrick Minford

International Finance, 2008, vol. 11, issue 3, 283-295

Abstract: Some years ago I did a fair amount of work on whether Britain should join the euro, in the context of the debate on the ‘five tests’ set out by HM Treasury. Five years on it is an interesting issue to revisit, particularly in the light of the recent banking crisis. In what follows I discuss the potential benefits and costs for the United Kingdom of joining the euro or Economic and Monetary Union, EMU, in much the terms that I did five years ago, because the essential figures and arguments have not changed. This discussion carries no particular implications for other countries: the calculations are highly specific to the United Kingdom. I end up with an effort to put this discussion in the context of the recent crisis.

Date: 2008
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