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Essay / Research Paper Abstract
A 3 page paper assessing the origins of the UK’s current position in international trade. The purpose here is to assess the statement, “The United Kingdom does not have balance of payments problem but exchange rate problem,” and the paper concludes that this statement is true. Any problems with foreign trade today are more likely to be attributable to the inefficiencies of currency exchange than to structural problems with the UK’s trade balance. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KsxchgRateUK.rtf
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Unformatted sample text from the term paper:
remain outside the European monetary union (EMU) in favor of retaining full sovereignty. Joining the EMU would have required that Britain give up some measure of national sovereignty to
those governing the EMU, and it was unwilling to do that. The result today, four years after the euro became a reality, is
that much of Europe operates with a single currency that is working to create a "borderless" Europe for business purposes. The UK does not share in that advantage, however,
as it has retained its traditional currency system. The purpose here is to assess the statement, "The United Kingdom does not have balance of payments problem but exchange rate
problem," and to discuss the extent to which this is true. "Borderless" Europe What the European leaders envisioned at Maastricht in 1992 was
a borderless Europe so that economic extremes could be evened out without losing value to regulatory differences and currency conversion expenses and inefficiencies. The French economy is quite healthy
at present, but it was plagued with double-digit unemployment for several years of the 1990s while Italy needed workers in its financial and high-tech centers in the Milan area.
Visa requirements, currency differences and the administrative nightmare created by collecting lire in Italy, converting the funds to French francs and then using it to further the French economy all
served to overcome any benefits that the individual worker, the French economy or the Italian business collectively could justify. As intended to operate,
goods produced in one member nation could enter and be sold in another member nation without undue regulatory intervention or currency conversion (Competition policy, 1999). When manufacturing in one
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