The United States as a monetary union
The EMU study by HM Treasury The United States as a monetary union considers how the US – a monetary union broadly similar to EMU in terms of the overall size of its market - functions as a large economy with a single currency, and how this has contributed to economic performance. The study examines the costs and benefits of monetary union in the US, assessing the degree of divergence in regional business cycles, how regions adjust to a single monetary policy and how the existence of a single currency has benefited the US in terms of both macroeconomic and microeconomic performance.
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The United States as a monetary union
PDF file of Executive summary (88kb)
PDF file of Chapters 1-3 (475kb)
PDF file of Chapters 4-6, References and Annexes A, B (494kb)