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Joining a reformed EMU would be a good option for Britain, though there are reasons for and against. Reasons against include the possible need for monetary policies in Britain which are different from those in Europe; and the possibility that European policies might be ill-chosen from a general European point of view. But opposition to British EMU membership is not necessarily the conclusion to be drawn from this. Optimal policy would be for Britain to negotiate entry into the monetary union in a process which would promote certain necessary reforms in the latter. The main lines of reform needed are: clear legal subordination of the European Central Bank to the Council of Ministers and the European Parliament; a broader mandate for the ECB; and moves towards a significantly larger central EU budget.
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