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An Evaluation of the Advantages and Disadvantages of Adopting the Euro. a Case Study of the Uk

In: Business and Management

Submitted By quyenpm
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y Student name: Minh Quyen Pham (Q)
Class: IPE1
Title of essay: An evaluation of the advantages and disadvantages of adopting the Euro. A case study of The UK I. Introduction
According to European Commission (2011a), a new common currency in Europe was announced on the first day of January 1999. At that time, there were eleven European countries decided to join the Euro and the Euro was introduced instead of their own currencies. The Euro has been adopted as a main currency of the country members, including Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, the Netherlands, Portugal and Spain. In order to be accepted to use the Euro, these countries had to agree with the conditions called “convergence criteria” about the price and exchange-rate stability, long-term interest rates, total government debt, government budget deficits, and central bank independence. These aspects will be discussed specifically in this essay.
In the early stages of announcing and using the Euro, four members of the EU still remained separate from the Euro, namely Denmark, Great Britain, Greece, and Sweden. Later, in 2000, Greece changed its decision to accomplish the agreement. In 2001, it started adopting the Euro.
At the present time, there are 17 out of 27 EU countries using the Euro as an official currency, which makes it become one of the most important currencies in the world. In the future, apart from Denmark and Britain, all other members of the EU will adopt the Euro. It should be known that only Latvia and Romania have a target date for joining the Euro in 2014 and 2015 respectively (European commission, 2011b). This essay will critically examine the pros and cons of adopting the Euro, using the UK as a particular case study. II. Body 1. Background of the Euro.
According to Szasz (1999), after the Second World War, some European politicians...

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