Apres le Deluge: Monetary and Exchange-Rate Policy in Britain and Europe

Michael Artis and M K Lewis

Oxford Review of Economic Policy, 1993, vol. 9, issue 3, 36-61

Abstract: The collapse of the British coal market from April 1993 has been blamed on the privatization of electricity and rapid investment in gas-fired generation. The paper argues that the main culprit is the Large Combustion Plant Directive of the EC which lays down sulphur emission targets which will constrain the size of the high-sulphur British coal burn towards the end of the century to an extent not fully appreciated. The oligopolistic structure of the privatized industry led to an earlier shift to gas-fired generation than economically warranted, though one cannot argue that the sulphur limits on electricity were unreasonable compared to those on either U.K. industry or European countries. Copyright 1993 by Oxford University Press.

Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:oup:oxford:v:9:y:1993:i:3:p:36-61

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