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Should we give up the Pound and adopt the Euro? This controversial issue has created a passionate debate. Tom Hamilton-Jones of James Allen's Girls' School looks at the advantages and disadvantages.
Summary of Key Points
* The main advantages of joining EMU are exchange rate certainty, a reduction in transactions costs and price transparency.
* The main disadvantages of EMU are the loss of an independent monetary policy, the changeover costs and a reliance on other countries keeping to the stability pact.
* The Chancellor's Five Tests have been criticised for requiring too much subjective judgement.
* UK exporters to the Eurozone most want EMU because of exchange rate certainty with the Eurozone.
* It is very difficult to assess how inward investment will be affected if the UK remains outside the Eurozone.
PDF format: 3 A4 pages. First published in Economics Today magazine March 2003.
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