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Some cynics suggest that the five tests are really:
JS.Farrar 20:28, 15 October 2005 (UTC)
What is meant by the Treasury's answer to question 4; "The City would benefit from Eurozone membership." - what City is being refered to here? Is it London, and if so, wouldnt that mean that a potential decision would act in the interest of a specific regional group (ie, the city of London), potentially at the detriment of the UK as a whole? Or should "City" be merely read as "Nation"? —Preceding unsigned comment added by 58.7.210.43 ( talk • contribs)
According to The City
also see City of London -- Skoorb 12:13, 30 April 2006 (UTC)
One of the main underlying issues that stand in the way of monetary union is the large structural difference between the UK housing market and those of continental Europe. Historically, because of the British tradition of home ownership, as opposed to home rental, and the scarcity of fixed-rate mortgages to finance home purchases (itself a legacy of past monetary instability), the average Briton carries a substantial volume of variable-rate debt. This makes British consumer spending far more sensitive to prevailing interest rates than is the case in the rest of Europe, thus making the British economy extremely vulnerable to sub-optimal interest rates. Critics have argued that until this structural difference is resolved, joining the Euro would be disastrous for the UK.
This argument doesn't make sense. There are no "large structural difference between the UK housing market and those of the continental Europe". In Spain, the tradition is also home ownership, and variable rate mortgages. However since Spain has adopted the Euro, it has experienced an unprecedented growth.-- 193.62.17.24 ( talk) 00:47, 28 February 2008 (UTC)
Please read - MacLennan, D., Muellbauer, J. and Stephens, M. (1998), ‘Asymmetries in housing and financial market institutions and EMU’, Oxford Review of Economic Policy, 14/3, pp. 54–80.
This dicuses the issue in detail and concludes in favour of the opinion stated —Preceding
unsigned comment added by
194.81.1.4 (
talk) 13:03, 16 April 2009 (UTC)
I agree, there are no "large structural difference between the UK housing market and those of the continental Europe". Spain, Norway, The Netherlands, Ireland, Iceland, Austria and Hungary all have significantly higher levels of home ownership than the UK. We are approximately at the AVERAGE level of home ownership in Europe. Data from "Importance of government policies for home ownership rates", available here:
http://www.infra.kth.se/BYFA/publikationer/engelskaUppsatserOchRapporter/54.pdf. I suggest that the last paragraph of the article is opinionated and should be removed. --
138.37.81.69 (
talk) 11:59, 1 July 2009 (UTC)
Britain (69%) is in the middle of the field when it comes to home ownership [1]. Germany and Sweden are the lowest at 42% while Hungary (92%) and Spain (85%) are the highest. Martinvl ( talk) 13:56, 24 November 2009 (UTC)
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Some cynics suggest that the five tests are really:
JS.Farrar 20:28, 15 October 2005 (UTC)
What is meant by the Treasury's answer to question 4; "The City would benefit from Eurozone membership." - what City is being refered to here? Is it London, and if so, wouldnt that mean that a potential decision would act in the interest of a specific regional group (ie, the city of London), potentially at the detriment of the UK as a whole? Or should "City" be merely read as "Nation"? —Preceding unsigned comment added by 58.7.210.43 ( talk • contribs)
According to The City
also see City of London -- Skoorb 12:13, 30 April 2006 (UTC)
One of the main underlying issues that stand in the way of monetary union is the large structural difference between the UK housing market and those of continental Europe. Historically, because of the British tradition of home ownership, as opposed to home rental, and the scarcity of fixed-rate mortgages to finance home purchases (itself a legacy of past monetary instability), the average Briton carries a substantial volume of variable-rate debt. This makes British consumer spending far more sensitive to prevailing interest rates than is the case in the rest of Europe, thus making the British economy extremely vulnerable to sub-optimal interest rates. Critics have argued that until this structural difference is resolved, joining the Euro would be disastrous for the UK.
This argument doesn't make sense. There are no "large structural difference between the UK housing market and those of the continental Europe". In Spain, the tradition is also home ownership, and variable rate mortgages. However since Spain has adopted the Euro, it has experienced an unprecedented growth.-- 193.62.17.24 ( talk) 00:47, 28 February 2008 (UTC)
Please read - MacLennan, D., Muellbauer, J. and Stephens, M. (1998), ‘Asymmetries in housing and financial market institutions and EMU’, Oxford Review of Economic Policy, 14/3, pp. 54–80.
This dicuses the issue in detail and concludes in favour of the opinion stated —Preceding
unsigned comment added by
194.81.1.4 (
talk) 13:03, 16 April 2009 (UTC)
I agree, there are no "large structural difference between the UK housing market and those of the continental Europe". Spain, Norway, The Netherlands, Ireland, Iceland, Austria and Hungary all have significantly higher levels of home ownership than the UK. We are approximately at the AVERAGE level of home ownership in Europe. Data from "Importance of government policies for home ownership rates", available here:
http://www.infra.kth.se/BYFA/publikationer/engelskaUppsatserOchRapporter/54.pdf. I suggest that the last paragraph of the article is opinionated and should be removed. --
138.37.81.69 (
talk) 11:59, 1 July 2009 (UTC)
Britain (69%) is in the middle of the field when it comes to home ownership [1]. Germany and Sweden are the lowest at 42% while Hungary (92%) and Spain (85%) are the highest. Martinvl ( talk) 13:56, 24 November 2009 (UTC)
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Cheers.— InternetArchiveBot ( Report bug) 14:09, 21 July 2016 (UTC)
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