The ghost of ERM is due to appear at the euro feast

Article Abstract:

A study examining the possible relationship between members of a European Monetary Union (EMU) and those who do not qualify or choose not to become a member will serve to revive discussion about the exchange rate mechanism (ERM), a very sensitive political issue, at the next council of European leaders. It is clear that EMU will open up a very large divide within Europe, and there is particular potential for conflict between the exchange rates of those outside EMU and the new euro. Against this background, hard currency countries are calling for a return to some type of ERM for those countries which remain outside EMU if it goes ahead.

Planning, Column, Monetary unions

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Jobs: a nasty surprise that's here to stay

Article Abstract:

The UK government has over recent years been emphasising how its labour market reforms have successfully reduced unemployment. However, latest statistics indicate that the fall in unemployment has slowed down considerably, and it is clear that the labour market has not behaved as expected in the current economic recovery. Some observers are now starting to acknowledge that the prospects of unemployed unskilled people finding new employment are very poor.

Analysis, Unemployment

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US plays with fire in bullying Japan

Article Abstract:

The forthcoming Group of Seven summit in Halifax, Nova Scotia, must focus on resolving the bitter trade dispute between the US and Japan. The US must be made to realise that it is taking a great risk in making its unilateral threat to impose punitive sanctions on luxury car imports from Japan. This could alienate Japan from the multilateral trading system and from the existing structure of international relations.

United States, Japan, Political aspects, International trade, Japanese foreign relations, United States foreign relations

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