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5. Membership in the European Monetary Union Suppose that applying for membership in the European Monetary Union (EMU) is expensive, so three hypothetical countries, Kipr, Finlandia, and Atlantida, have come to you with their relevant data and want advice on if they should apply to join the EMU. Suppose that the average inflation rate of the three European countries with the lowest inflation rates is 2.5%, and the average long-term interest rate of those countries is 3.0%. Evaluate the characteristics of Kipr, Finlandia, and Atlantide presented in the following table using the Maastricht convergence criteria. Then, complete the bottom row by identifying whether each country is eligible to become an EMU member. Criteria Kipr Finlandia Atlantida Inflation 4.0% 3.5% 4.3% Long-term interest rates 5.0% 4.0% 5.3% Exchange rates Last devaluated two years ago Stable Last devaluated one year ago Budget deficit 2.1% of GDP 2.3% of GDP 5.4% of GDP Debt outstanding 46% of GDP 48% of GDP 64% of GDP Qualifies to enter the EMU? yes or no yes or no yes or no Grade It Now Save & Continue Continue without saving