EMU - A REFORM FOR THE UNITED-STATES OF E UROPE

The likely future currency union among EU states is a political decisi on for a deeper economic integration among the participating states - the 'ins'. They give up their own monetary policy instruments in favou r of a common (more or less suitable) one. The net benefits of an earl y participation in EMUIII are not conclusively positive for Finland. I f the 'outs' can learn about the transition process from the initial ' ins', then staying 'out' in the initial state can be particularly attr active, provided that an 'opt in' later by sound criteria is admissibl e. Those giving the autonomy of economic policy a high value should pr efer the FIM, at least for a while. In the end EMU is a matter of the desired pace of European integration.