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British pound too rich for Euro

Published on January 6, 2000; Published on February 13, 2011

An International Monetary Fund research paper says the British pound was overvalued against the Euro when the single currency was introduced a year ago, and would need to drop steeply before England could adopt the currency.

Topics :: Economic and Monetary Union , IMF , World Bank , Europe

The theoretical paper, posted on the fund's Web site, said its analysis of equilibrium exchange rates concluded that sterling and the dollar were both overvalued as Europe's Economic and Monetary Union moved toward its final phase in January 1999 and the euro was introduced.

"The results indicate that the pound should depreciate considerably before entering EMU," said the paper, which was written by researchers from the IMF, the World Bank, the Bank of Spain and Germany's Deutsche Bank.

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