UK Membership of the single currency: EMU studies
Analysis of European and UK business cycles and shocks
The EMU study by Professor Michael Artis Analysis of European and UK business cycles and shocks reviews literature relevant to the convergence test based on business cycle and shock correlations, updating previous work and analysis. The study considers methods of defining and measuring the convergence of business cycles. It also discusses the ways in which UK business cycles and shocks differ from other countries, making particular comparisons between the UK and the rest of the EU and the US, and whether monetary conditions in the euro area have tended to suit the UK or not.
Analysis of European and UK business cycles and shocks below is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
Analysis of European and UK business cycles and shocksPDF of Executive Summary (71kb)
PDF of full study (360kb)