unpublished paper (Washington: International Monetary Fund, January). Tytell and Wei find significant evidence that globalization has led to improved monetary outcomes but no evidence that it improves fiscal outcomes.
The principle of equal treatment will continue to apply throughout the entire process of monetary integration. Adopting the euro is an irrevocable decision and it is of the utmost importance that countries fulfil the convergence criteria in a sustainable manner, as required by the Maastricht Treaty. There will be no additional criteria but neither will there be a relaxation of the criteria.