Premium Essay

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

In: Business and Management

Submitted By quyenpm
Words 2619
Pages 11
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...

Similar Documents

Premium Essay

Entering the Retail Sector in Central Europe Tesco’s Expansion Into the Czech Republic

...European market Trends in the retail industry 4.1 Retail in CEE countries 4.2 Reasons to expand retail abroad 4.3 CEE countries – retailers’ paradise Tesco’s market entry strategy 5.1 Entry modes 5.2 Tesco’s marketing strategy in the Czech Republic 5.2.1 Focusing on customers needs and wants without losing identity 5.2.2 A multi-format strategy: an adapted distribution policy 5.2.3 Local products that fit customers’ tastes 5.2.4 Aggressive pricing strategy 5.2.5 Adapted communication 5.2.6 Adding value through service 5.2.7 Adapting to changes in the macro-environment 5.3 Evaluation of Tesco’s success within the Czech Republic 5.3.1 The Czech success 5.3.2 Problems within the Czech market 5.3.3 The future within the Czech Republic 5.4 Consumer perceptions of Tesco from the UK and the Czech Republic Conclusion Appendix 7.1 Czech Republic Questionnaires 7.2 UK Questionnaires Bibliography Entering the retail sector in Central Europe 1 2 3 5 5 5 6 8 8 9 10 10 11 11 12 12 12 13 13 14 15 15 17 18 18 21 23 1 of 25 Abstract 2 Abstract This report examines the role that Central and Eastern European countries play in the increasingly international strategies of retail companies. This report focuses specifically upon the Czech retail environment and how Tesco has successfully entered the market by adapting its market offering for Czech consumers. It is demonstrated that Tesco has been successful......

Words: 8593 - Pages: 35

Free Essay

Gov and Pol

...Edexcel AS Politics Edexcel AS Politics ExamBuster 2009 Introduction to Unit 1- People and Politics Understanding the Examination and Exam Technique Choosing your questions In this unit you are presented with four questions. They are of equal value and each question covers one of the four sections of the specification. These are: Democracy and political participation Party policies and ideas Elections Pressure groups There is no significance to the order in which questions appear. Each question is divided into three sections (a), (b) and (c). When choosing which questions to do, the following principles are recommended: It is almost certain that you will be better off choosing your strongest question to do first. You should choose questions on the basis of how well you can answer the section (c) part. The (c) part carries 25 of the 40 marks available for the whole answer. Do not choose a question simply because you can do part (a) especially well. The (a) question is only worth 5 marks. It would be illogical to choose your strongest (a) part if you cannot do well on section (c). If you cannot decide between several (c) parts, i.e. you can do more than one equally well, make your choice on the basis of part (b) which carries 10 marks. But remember, it is the (c) parts that will determine most what your overall mark will be. So, when you first look at the exam paper, look at the (c) sections first. Assessment Objectives Each question is divided into three sections,...

Words: 51996 - Pages: 208

Premium Essay

Human Resource Management

...chapter two Strategic human resource management John Bratton If a global company is to function successfully, strategies at different levels need to inter-relate.1 Throughout the first half of our century and even into the early eighties, planning – with its inevitable companion, strategy – has always been a key word, the core, the near-ultimate weapon of ‘good’ and ‘true’ management. Yet, many firms, including Sony, Xerox, Texas Instruments, …have been remarkably successful… with minimal official, rational, and systematic planning.2 Chapter outline Introduction p. 38 Strategic management p. 38 Hierarchy of strategy p. 42 Strategic human resource management p. 46 HRM and organizational performance p. 60 Chapter objectives After studying this chapter, you should be able to: 1. Explain the meaning of strategic management and give an overview of its conceptual framework. 2. Describe the three levels of strategy formulation and comment on the links between business strategy and human resource management. 3. Explain the two models of strategic HRM, the matching model and the resourcebased model. 4. Comment on the various strategic HRM themes of re-engineering, workplace learning, trade unions and leadership. 5. Explain the methodological difficulties of measuring the link between HRM practices and organizational performance. 38 The Nature of Human Resource Management Introduction In the first chapter we examined the theoretical debates on the nature and......

Words: 15323 - Pages: 62

Premium Essay

Carbon Management

...Chapter 10 1 Introduction Pricing Els Gijsbrechts and Katia Campo Objectives This chapter does not have as its aim the provision of ready-made methods for the assessment of price levels. Its objectives are: 1 to indicate the importance and complexity of price decisions for marketing managers; 2 to consider what is a ‘price’; 3 to identify the factors internal to the firm that influence price decisions; 4 to identify the factors external to the firm that influence price decisions; 5 to discuss pricing strategies and tactics. C onsider a Belgian couple contemplating a shopping trip to London during the Christmas period. The cheapest way to cross the Channel would be to take a ticket on the ferry from Oostende to Ramsgate, which would amount to about Bfr. 1,500 per person. While they can afford this from a budgetary viewpoint, taking the boat would mean spending about five hours travelling, which would mean losing almost half of the ‘available’ weekend to hunt for interesting bargains in the London shopping area. Taking the plane would drastically reduce travelling time, but the air fare of Bfr. 4,900 per person is not overly appealing. Friends recommend that they buy a combined ticket from the Belgian Railways and the Channel (regular price: Bfr. 3,465 per person). This seems to be the most interesting option, but unfortunately no more regular tickets are available for the morning of the Christmas weekend. The price of a first classRailway/Channel ticket (Bfr. 6,960 per...

Words: 21291 - Pages: 86

Free Essay

Strategic Analysis

...ANALYSIS & EVALUATION ASSIGNMENT 2005 The VSM Group Prepared by: Name Intake Reg No. Ivan HO MacNab 200455775 Vui Soon HO MacMaster 200352369 Franco LEE MacNab 200492442 Kim Loong NG MacNeil 200459087 Roland TAN MacNeil 200459176 1 EXECUTIVE SUMMARY 1 2 VSM GROUP 1 2.1 Organisational Purpose 1 2.2 Corporate Governance 2 2.3 Stakeholders 2 2.4 Organisational Performance 2 3 MACRO ENVIRONMENT 2 3.1 PESTEL Analysis 2 3.2 Scenario Building 3 4 SEWING MACHINE INDUSTRY 3 4.1 Global Business Environment 3 4.2 Market Analysis & Structure 3 4.3 Industry Analysis 4 4.4 Competitor Analysis 4 4.4.1 Market Segmentation 4 4.4.2 Strategic Group Analysis (SGA) 5 4.4.3 Customer Value 5 5 STRATEGIC CAPABILITIES 6 5.1 Resources and Competencies 6 5.2 Diagnosing Strategic Capability 6 5.3 Development of New Competencies 7 6 COMPETITIVE/BUSINESS STRATEGY 7 6.1 Basis of Competition 7 6.2 Sustaining Competitive Advantage 7 6.3 Basis of Future Competitive Strategy 7 7 STRATEGIC OPTIONS 8 7.1 Improvement on Operating Profits 8 7.1.1 Production Relocation 8 7.1.2 Revenue Growth 8 7.2 Long-term Growth and Strategies 8 7.2.1 Market Diversification 9 7.2.2 Revenue Diversification 9 7.2.3 Cost Efficiency 9 8 BUSINESS IDEA 10 9 STRATEGY EVALUATION 10 9...

Words: 12176 - Pages: 49

Premium Essay

Wcoa Report

...Global perspectives on governance: lessons from east and west While the core principles of governance are the same throughout the world, the Asian model places particular emphasis on trust and relationships. This paper discusses the key differences between the western and Asian approaches to help business leaders explore the best aspects of both. Conclusions 1. The corporate governance model that’s familiar in Asia, Africa and most developing nations places strong emphasis on trust and relationships. This can be beneficial for stakeholders: the typical pattern of ownership in businesses means that there can be a longer-term view of an organisation’s success compared with that in a western company. But the system is potentially vulnerable to corruption and cronyism. It can also be difficult to implement basic control procedures. 2. The prestige of what can be broadly termed the western governance model has diminished in the aftermath of the financial crisis. This model has driven globalisation and has emphasised a combination of legislation and standards as well as transparency, with a focus on developing appropriate structures, processes and frameworks. This is widely understood and helps to create a level playing field. But major financial failures over the past two years, such as that of Lehman Brothers, have shown that there are limits to what can be done to tighten checks and balances. A new emphasis on the behavioural aspects of governance is......

Words: 6676 - Pages: 27

Free Essay

A Business Essay

...International Finance Facility Proposal by G Mavrotas* Private Donations for International Development by J Micklewright and A Wright* A Global Lottery and a Global Premium Bond by T Addison and A Chowdhury* Remittances by Emigrants: Issues and Evidence by A Solimano* The Way Forward by A B Atkinson Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 * These chapters are available on the WIDER website. Chapter 1 Innovative Sources for Development Finance 1 A B Atkinson, Nuffield College, Oxford Introduction 1 Innovative Sources to Meet a Global Challenge 2 New Development Finance: Innovative Sources 3 Origins of the Proposals 4 Political Economy 5 Criteria for Evaluation 6 Guide to the Contents of the Book Box 1 The Millennium Development Goals Box 2 Innovative Sources of Development Funding Considered Here Introduction Two powerful and divergent forces grip the world at present. On the one hand the effectiveness of international organisations has been called into question. The role and functioning of the United Nations is debated. Some nations exhibit frustration with multilateral co-operation. There is increasing resort to unilateral action. Solutions are sought in regional groupings rather than...

Words: 20039 - Pages: 81

Premium Essay

Bare Bones

...Bare Bones    Revision Guide AQA A2 Business Studies Unit 4 The Business Environment & Managing Change y y lic po ar e h th ow gr ar et on m y ion lic o yp t ec ot tive pr pec t s st n o em ti un xa idy ta ubs s c e l se w s po ket ies ar eg e m at g str ad y c s tr gin te er ra oli ver ersment n of emorpo m l p o rg ploy xatio ts ke e cl er ers n m lder p yme u ns keho plo a co n io t fla in g lin r e ng hao a ke c eed c a m fis t objectives t fr d men aims an ic environnment m econo enviro ment social nviron ange h legal e e em un ta of c causes ship leader g and proc hange g for c ess entin implem ing change s manag decision plannin rship exch st rates intere tives objecg markets in g emerg tion inflaange rates cto phic fa nemp subsid taxa hea u n envirot l M e ade s on na a n gi ra demog al dec politic ow ons er su n c C change i nfl subunemployateion men si m nt t re gula dy tio p an h envir social u lea ence ns d s fisc ersh al p i olic p y ge leade e cultur nt onme leg al inte stra rnal c teg au infl ic decisio ses enviro n missio tec al envir ecisio nt ra hno onm ns logi ent po cal or c strategi es influenc......

Words: 27143 - Pages: 109

Premium Essay

Effects of Uninsured Driving

...The Effects of Uninsured Driving on Motor Insurance Business Abstract Driving a motor vehicle without insurance cover is an offence that has an effect on motor insurance business. Despite the fact that Malta is, like other countries, affected by the issue of uninsured driving accidents, data on the subject is very limited. As a result, the effects of uninsured driving on insurance business and society are not fully known or understood. Likewise, the views of those concerned with the problem are not toally clear. This research study goes a long way to identify the effects of uninsured driving on the motor insurance industry. Local and European legislation concerning uninsured driving, together with primary data collection through questionnaires provide an enhanced understanding of uninsured driving from a local viewpoint. The incidence of uninsured driving in Malta appears to be increasing the burden of the costs is being incurred by honest policyholders and by insurance companies. The findings suggest that the public is not sufficiently aware of the consequences of driving without insurance and the local insurance industry does not have adequate measures to calculate the incidence rate of uninsured driving. In spite of the fact that it appears that the victims of uninsured driving are being well-served by the current compensation system, improvements can be implemented, especially with regards to how the system is funded. love and faith in me.......

Words: 11887 - Pages: 48

Premium Essay

Supply and Demand

...Answers to in-text Questions in Economics (5th edition) Chapter 1 Page 4 ( Could production and consumption take place without money? If you think they could, give examples. Yes. People could produce things for their own consumption. For example, people could grow vegetables in their garden or allotment; they could do their own painting and decorating. Alternatively people could engage in barter: they could produce things and then swap them for goods that other people had produced. ( Before reading on, how would you define scarcity? Must goods be at least temporarily unattainable to be scarce? See page 2 of text for a definition of scarcity. Goods need not be unattainable to be scarce. Because people’s incomes are limited, they cannot have everything they want from shops, even though the shops are stocked full. If all items in shops were free, the shelves would soon be emptied! ( If we would all like more money, why does the government not print a lot more? Could it not thereby solve the problem of scarcity ‘at a stroke’? The problem of scarcity is one of a lack of production. Simply printing more money without producing more goods and services will merely lead to inflation. To the extent that firms cannot meet the extra demand (i.e. the extra consumer expenditure) by extra production, they will respond by putting up their prices. Without extra production, consumers will end up unable to buy any more than......

Words: 89665 - Pages: 359

Premium Essay

Global and Transnational Business: Strategy and Management

...Jim Hamill University of Strathclyde Tony Purdie Northumbria University Copyright # 2004 John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England Telephone (þ44) 1243 779777 Email (for orders and customer service enquiries): Visit our Home Page on or All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except under the terms of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1T 4LP, UK, without the permission in writing of the Publisher. Requests to the Publisher should be addressed to the Permissions Department, John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England, or emailed to, or faxed to (þ44) 1243 770620. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold on the understanding that the Publisher is not engaged in rendering professional services. If professional advice or other expert assistance is required, the services of a competent professional should be sought. Other Wiley Editorial Offices John Wiley & Sons Inc., 111 River Street, Hoboken, NJ 07030, USA Jossey-Bass, 989......

Words: 155276 - Pages: 622

Premium Essay

Marketing Research

...Online Clothing Market Abstract Online shopping in EU has been shown to be a good potential market. Clothing represents a high percent of the individuals shopping. Buying clothes online gives customers the opportunity to find a great variety of products, customers can review a wide selection of products and find special offers with the best deals online. However, the tangible and intangible problems of clothing online shopping still exist and the online store retailers lack the customer knowledge in some extent. Therefore, the intention of the thesis is to explore customer behavior when purchasing clothing online through investigating the factors that can affect online consumer`s attitudes, intention and actual consumers` behavior. The study investigates the main web - experience factors that customer takes into consideration when purchasing clothes online. Yet, the most important online elements are categorized in two main groups: customer - oriented factors and technology - oriented factors. The autor used quantitave research in term of survey to analyze the consumer`s attitutes towards the web experience elements, moreover the autor figured out the relationship between the web factors and the customer`s attitudes, intentions and actual buying behavior. The results will lead to the understanding of the most important web experience elements that influence the purchase decision of the consumers. The final findings show that web elements web content and trust are......

Words: 30250 - Pages: 121

Premium Essay

International Investment Report

...International Investment Report - British Petroleum in Nigeria Group D June 6, 2015 Table of Contents Introduction 3 Country Evaluation 6 Industry Overview 9 Regulatory structure 9 Competition – Major and minor competitors 12 Local financing options for the expansion 12 Overall attractiveness of the industry 13 Entry Strategy 13 Recommendations 17 References 20 Introduction Nigeria in West Africa is about twice the size of California in the US but is the largest country in Africa. Just over 160 million people live in this country with approximately 800,000 of them living in the capital city of Abuja which is located in the very center of Nigeria. (Nigeria) Nigeria has two distinct reputations. One as a corrupt and violent country that is not highly recommended for tourist type visitations (although it does have incredibly interesting historical sights) and the other for being the country visited mostly for unbelievably lucrative business transactions involving oil and gas. The Nigerian people live mostly in poverty in a country where oil and gas exports total billions in revenue. This is due to the fact that the Nigerian government has total control over their property rights. In addition corruption within that government runs rampant. According to an article by Michael Burleigh 70% of Nigerians live below poverty level struggling to survive. (Burleigh) What is even more interesting in a country rich in oil and gas is that the......

Words: 5113 - Pages: 21

Premium Essay

Analysis of International Marketing

...3122-prelims.qxd 10/29/03 2:20 PM Page i International Human Resource Management 3122-prelims.qxd 10/29/03 2:20 PM Page ii 3122-prelims.qxd 10/29/03 2:20 PM Page iii second edition International Human Resource Management edited by A n n e - Wi l H a r z i n g J o r i s Va n R u y s s e v e l d t SAGE Publications London l Thousand Oaks l New Delhi 3122-prelims.qxd 10/29/03 2:20 PM Page iv © Anne-Wil Harzing and Joris van Ruysseveldt, 2004 First published 2004 Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act, 1988, this publication may be reproduced, stored or transmitted in any form, or by any means, only with the prior permission in writing of the publishers, or in the case of reprographic reproduction, in accordance with the terms of licences issued by the Copyright Licensing Agency. Enquiries concerning reproduction outside those terms should be sent to the publishers. SAGE Publications Ltd 1 Olivers Yard London EC1Y 1SP SAGE Publications Inc 2455 Teller Road Thousand Oaks, California 91320 SAGE Publications India Pvt Ltd B-42, Panchsheel Enclave Post Box 4109 New Delhi 100 017 British Library Cataloguing in Publication data A catalogue record for this book is available from the British Library ISBN 0 7619 4039 1 ISBN 0 7619 4040 5 (pbk) Library of Congress Control......

Words: 205529 - Pages: 823

Premium Essay

Fundamental of Strategy

...kinds of organisations, from multinationals to entrepreneurial start-ups, from charities to government agencies, and many more. Strategy raises the big questions about these organisations – how they grow, how they innovate and how they change. As a manager of today or of tomorrow, you will be involved in influencing, implementing or communicating these strategies. Our aim in writing Fundamentals of Strategy is to give you a clear understanding of the fundamental issues and techniques of strategy, and to help you get a great final result in your course. Here’s how you might make the most of the text: ● Focus your time and attention on the fundamental areas of strategy in just 10 carefully selected chapters. Read the illustrations and the case examples to clarify your understanding of how the concepts of strategy translate into an easily recognisable, real-world context. Follow up on the recommended readings at the end of each chapter. They’re specially selected as accessible and valuable sources that will enhance your learning and give you an extra edge in your course work. KEY CONCEPT AUDIO SUMMARY ● ● Also, look out for the Key Concepts and Audio Summary icons in the text, which direct you to the website at* where you can ● Check and reinforce your understanding of key concepts using self-assessment questions, audio summaries and interactive exercises, and Revise key terms using electronic flashcards and a glossary in 6......

Words: 129967 - Pages: 520