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CESifo Economic Studies Advance Access published online on February 23, 2006
CESifo Economic Studies, doi:10.1093/cesifo/ifj002
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© The Author 2006. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Original Papers

The UK and the Eurozone

Michael Artis *

* To whom correspondence should be addressed.
Michael Artis, E-mail: michael.artis{at}iue.it; michael.artis@manchester.ac.uk


  Abstract

The article reviews the case for the UK to join the Eurozone by way of presenting a review of HM Treasury's widely well-regarded "Euro Report" (2003). The review provides an opportunity to rehearse and update the elements of optimum currency area (OCA) theory. In particular, the study draws attention to fresh estimates of the trade effect of the UK's adhesion to the Eurozone, the small size of which sharply contrasts with earlier estimates. They substantially remove a challenge to the Report's negative conclusion. The study sets the review in the perspective of public opinion surveys and HM Government's decisions. (JEL codes: E42, F0, F15)

An earlier version of this article was presented at the CEPR-ESI conference "EMU enlargement to the East and West", Budapest 24-25 September 2004. Thanks are due to participants in that conference who provided helpful comments as well as to Peter Claeys who provided research assistance, to the anonymous referee of this journal and to Roel Beetsma.
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