By Mark Baimbridge, B. Burkitt, P. Whyman
ISBN-10: 0230372449
ISBN-13: 9780230372443
ISBN-10: 0333778472
ISBN-13: 9780333778470
Economic and financial Union (EMU) can have far-reaching effects for engaging countries. This booklet features a distinctive and editorially impartial selection of key arguments favouring and opposing club. the industrial and coverage implications are evaluated through individual economists, when the influence upon nationwide sovereignty and the area of labor is debated by means of fashionable MPs and representatives of industrial and alternate union companies. The textual content presents an independent, entire and 'readable' source for expert scholars and a basic readership.
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Additional info for The Impact of the Euro: Debating Britain’s Future
Sample text
Thatcher's attempts to reduce money supply growth were pursued through increasing interest rates, aiming to reduce the amount people would then want, or be able, to borrow. But the high interest rates also attracted money into the country, pushing up the exchange rate. In the inter-war period Britain was indeed forced to abandon the Gold Standard. And the exchange rate similarly fell after 1981, depreciating nearly 30 per cent by 1986, helping fuel the recovery. Likewise, the 44 The Impact of the Euro overvalued rate at which Chancellor Major entered the ERM meant that our membership was always doomed to failure.
3 shows average inflation rates over the last four decades. 6 Austria Belgium Britain Denmark Finland France Germany* Greece Ireland Italy Luxembourg Netherlands Portugal Spain Sweden EU15 * West Germany only 1961-91. Source: European Economy. inflation performance. In contrast, countries like Britain and Italy, together with Spain, Portugal and Greece have suffered persistently poor inflation records and EMU offers a way to break with their inflationary past. The Design of the European Central Bank The Maastricht Treaty set out to model the ECB on the Bundesbank, in the belief that mimicking the essential institutional features of the German central bank would ensure price stability for the Euro-bloc countries.
This is not the first time that governments have allowed the currency to be overvalued in this way. Winston Churchill as Chancellor took Britain back onto the Gold Standard in the 1920s at an overvalued rate, with Keynes warning at the time, in his pamphlet The Economic Consequences of Mr Churchill, of the disastrous likely consequences of this policy consequences which were to include the General Strike of 1926 (Keynes, 1925). Similarly, the first Thatcher recession of 1979-81 was exacerbated by the high exchange rate caused not only by North Sea oil coming on stream, which increased the demand from overseas for sterling with which to buy that oil, but also by the high interest rates which followed from the government's monetarist policies.
The Impact of the Euro: Debating Britain’s Future by Mark Baimbridge, B. Burkitt, P. Whyman
by Michael
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