Housing, consumption and EMU
UK Treasury
This EMU study informs the assessment of the convergence test – the first of the Government’s five economic tests for determining whether adoption of the euro would be in the UK’s economic interest: “Are business cycles and economic structures compatible so that we and others could live comfortably with euro interest rates on a permanent basis?”. It considers in detail a particular, and important, structural aspect of the transmission mechanism of monetary policy: the housing market. The transmission mechanism as a whole is the subject of the EMU study by HM Treasury EMU and the monetary transmission mechanism.
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