Euro decision: a guide to the 'jobs test.'

September 2003
Management Services;Sep2003, Vol. 47 Issue 9, p6
Academic Journal
With the Treasury's assessment of its five tests for possible British membership of the single European currency, businesses are particularly interested in what the government's decision on joining or standing aside from the euro with mean for jobs in Great Britain. To aid interpretation of the published economic assessment and the following debate, John Philpott, chief economist at the Chartered Institute of Personnel and Development, issued an eight point guide to the euro jobs test. Joining the euro would affect the way in which aggregate level demand is managed in the British economy in order to maintain stability and keep inflation in check. Membership of the euro is unlikely to have any long-run effect on jobs in Great Britain. Jobs nonetheless enter the euro assessment in number of important ways. These relate to economic convergence between Great Britain and the eurozone economies, the value of the pound on entry to the euro, the impact of failure to join the euro on inward investment, among others. Of crucial importance to job stability is whether, having joined the euro, the British economy could deal effectively with isolated shocks to the system. Entering the euro with pact in its current form would pose potential risk to job stability in Great Britain.


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