CBI gets cold feet on the euro

Article Abstract:

The Confederation of British Industry (CBI) has ended its campaign for Britain to join European monetary union. President of the European Central Bank, Wim Duisenberg, also foresees that Britain would have to wait some years before being permitted to join monetary union. British interest rates are higher than those of countries using the euro currency, and are also rising. Pound sterling is rising in value since Britain looks less likely to join monetary union.

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What Emu means for investors

Article Abstract:

European monetary union (Emu) will involve transition costs and consumer price harmonization. Price differences will become more obvious, and imports can be made from cheaper countries with no fear of exchange rate problems. The effect is likely to be deflationary in economies where costs and prices are high. Economic cycles could also become exaggerated, and corporate profits could become more volatile. Emu may also lead to pressure to reform labor markets and reduce tax on companies, which would help boost profits and stock prices.

International Affairs, European Community, Economic policy

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Let money talk in the Emu debate

Article Abstract:

A referendum on whether the United Kingdom should join European monetary union could mean that those voters with weakly held views can outvote those who have strongly held views. A decision on whether to join cannot be reversed. Voters could link their votes with the risk of a tax payment. This could be criticized for giving greater weight to the views of the wealthy, but the wealthy can already spend a great deal on lobbying and pressure groups, so their opinions already carry a disproportionate weight.

Economic aspects, Referendum, Referendums

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