European Union - Eighteenth Report
Here you can browse the report which was ordered by the House of Lords to be printed 21 November 2000.
CONTENTS
REPORT
PART 2: CONCLUSIONS
PART 3: WHAT WAS EXPECTED OF THE EURO?
Economic and Monetary Union
The Stability and Growth Pact
The Broad Economic Policy Guidelines
Hopes and fears
PART 4: HOW IS THE EURO WORKING FOR ITS MEMBER
STATES?
What has been the effect of the single
currency on the economy of the euro-zone?
Can a one-size-fits-all monetary policy work?
Structural adjustments
Converging or diverging?
Have capital markets benefited as much as
was expected?
PART 5: HOW IS THE EUROPEAN CENTRAL BANK
WORKING?
Does the ECB have the right objectives?
How should the objectives of the ECB be set?
Is the ECB sufficiently transparent and properly
accountable?
PART 6: WHAT IS HAPPENING TO THE VALUE OF
THE EURO?
The explanations
Does the fall in value matter?
PART 7: SOME REMAINING QUESTIONS
"A currency without a country"
Public views
And finally …
Recommendation
Appendix 1—Membership of Sub-Committee
A
Appendix 2—List of Witnesses
Appendix 3—Tables
1. Gross Domestic Product
1.1 Gross Domestic Product at current
market prices (billion euro)
1.2 Gross Domestic Product at
constant market prices (percentage change year on year )
1.3 Gross Domestic Product per
capita at current market prices (euro)
1.4 Gross Domestic Product per
capita at constant prices (percentage change year on year)
1.5 Gross Domestic Product per
capita at 1995 constant prices (index: EU-11 = 100)
2. Government finances
2.1 General government consolidated
gross debt (percentage of GDP)
2.2 Net lending or net borrowing
(percentage of GDP)
2.3 Cyclically adjusted net lending
or net borrowing (percentage of GDP)
3. Trade and the national account
3.1 Imports: goods and services, 1995
constant prices (billion euro)
3.2 Imports: goods and services,
constant prices (percentage change year on year)
3.3 Imports: goods and services
(percentage of GDP)
3.4 Exports: goods and services,
1995 constant prices (billion euro)
3.5 Exports: goods and services,
constant prices (percentage change year on year)
3.6 Exports: goods and services
(percentage of GDP)
3.7 External trade balance, 1995
constant prices (billion euro)
3.8 External trade balance, 1995
constant prices (percentage of GDP)
3.9 Directions of trade 1999:
imports of goods (percentage of total by source)
3.10 Directions of trade 1999
: exports of goods (percentage of total by destination)
4. Balance of payments
4.1 Balance of current account, current
prices (percentage of GDP)
4.2 Current and capital account,
net (million euro)
5. Inflation
5.2 Consumer price index (percentage
change year on year):
5.3 Producer price index: total
industry excluding construction
5.4 Producer price index: total
industry excluding construction (percentage change year on year)
5.5 Producer price index: manufacturing
5.6 Producer price index: manufacturing
(percentage change year on year)
6. Unemployment
6.1 Unemployment rate (percentage);
7. Consumption
7.1 Private final consumption, 1995
constant prices (billion euro)
7.2 Private final consumption,
constant prices (percentage change year on year)
7.3 Private final consumption
per capita, 1995 constant prices (euro)
7.4 Private final consumption
per capita, constant prices (percentage change year on year)
7.5 Final consumption of general
government, 1995 constant prices (billion euro)
7.6 Final consumption of general
government, constant prices (percentage change year on year)
7.7 Final consumption of general
government (percentage of GDP)
8. Investment
8.1 Gross fixed capital formation
(billion euro)
8.2 Gross fixed capital formation,
constant prices (percentage change year on year)
8.3 Gross fixed capital formation
(percentage of GDP)
8.4 Direct investment flows, 1996
- 1999 (million US dollars)
8.5 International merger and acquisition
deals, 1996 - 1999 (million US dollars)
9. Bond yields
9.1 Benchmark 2 year government bond
index: redemption yield (annualised)
9.2 Benchmark 5 year government
bond index: redemption yield (annualised)
9.3 Benchmark 10 year government
bond index: redemption yield (annualised)
9.4 Benchmark 30 year government
bond index: redemption yield (annualised)
10. Industrial production
10.1 Industrial production: total
industry excluding construction, seasonally adjusted (index)
10.2 Industrial production: total
industry excluding construction, seasonally adjusted (percentage
change year on year)
10.3 Industrial production: total
industry excluding construction, not seasonally adjusted (index)
10.4 Industrial production: total
industry excluding construction, not seasonally adjusted (percentage
change year on year)
10.5 Manufacturing output, seasonally
adjusted (index)
10.6 Manufacturing output, seasonally
adjusted (percentage change year on year)
11. Surveys
11.1 Consumer confidence indicator
(percentage balance)
11.2 Financial situation next
12 months (percentage balance)
11.3 Economic situation next
12 months (percentage balance)
11.4 Industrial confidence indicator
(percentage balance)
11.5 Production trend in recent
months (percentage balance)
11.6 Order book position (percentage
balance)
11.7 Export order book position
(percentage balance)
11.8 Production expectation for
month ahead (percentage balance)
11.9 Export expectation for month
ahead (percentage balance)
11.10 Capacity utilisation (percentage)
Appendix 4—Glossary
ORAL EVIDENCE
Mr Jonathan Taylor (Director, Macroeconomic Policy and Prospects
Directorate), Mr David Ramsden (Team Leader for EMU) and Mr Robert
Woods (Economic Adviser), HM Treasury
Written evidence
Oral evidence, 11 July 2000
Supplementary memorandum, 27 July 2000
Mr John Peet, Business Affairs Editor, The Economist,
and Ms Bettina Schulz, Financial Correspondent, Frankfurter Allgemeine
Zeitung
Oral evidence, 18 July 2000
M Jean-Claude Trichet, Gouverneur, and M Guy Pontet, Directeur
de Cabinet, Banque de France
Oral evidence, 25 July 2000
His Excellency Mr P Salolainen and Mr K Norvanto (Second Secretary),
Embassy of Finland
Written evidence
Oral evidence, 3 October 2000
Mr Peter J Boldt, Senior Economist, Suomen Ammattiliittojen
Keskusjärjestö (SAK) (The Central Organisation of Finnish
Trade Unions)
Written evidence
Oral evidence, 3 October 2000
Mr J Power, then Head of Economic Research, Bank of Ireland
Oral evidence, 17 October 2000
Professor Patrick Minford, Cardiff Business School, Cardiff
University
Oral evidence, 17 October 2000
His Excellency Mr Edward Barrington, Ambassador of the Irish
Republic, and Professor John Fitz Gerald, Economic and Social
Research Institute, Dublin
Written evidence
Oral evidence, 24 October 2000
The Rt Hon Sir Edward George, Governor, and Mr Mervyn King,
Deputy Governor, Bank of England
Oral evidence, 31 October 2000
His Excellency Dr Hans-Friedrich von Ploetz and Mrs Elvira
Scheben (First Secretary (Finance) and Bundesbank representative)
Embassy of the Federal Republic of Germany
Written evidence
Oral evidence, 2 November 2000
His Excellency Baron W O Bentinck van Schoonheten and Mr Timo
S Koster (Economic Counsellor), Royal Netherlands Embassy
Written evidence
Oral evidence, 2 November 2000
WRITTEN EVIDENCE
Governments of:
Austria
Belgium
Italy
Portugal
Spain
Bundesverband der Deutschen Industrie (BDI)
Professor Dr Norbert Walter, Chief Economist, Deutsche Bank Group
Committee on Economic and Monetary Affairs, European Parliament
NOTE: Pages of the Report are numbered in bold type, pages of
evidence are numbered in ordinary type. References in the text
of the Report are as follows:
(Q) refers to a question in oral evidence.
(p) refers to a page of written evidence.
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