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Essay / Research Paper Abstract
This 4 page paper discusses different issues related to the European Union and the euro. It provides a history of the EU and the euro. The essay notes the intents of the agreements. The writer also comments on the possibility of a single currency in North America. Bibliography lists 6 sources.
Page Count:
4 pages (~225 words per page)
File: ME12_PG700244.doc
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Unformatted sample text from the term paper:
different reserve, the U.S. would have little control of the policies. This, in turn, would have an effect on inflation and economic growth. The adoption of a single currency in
Europe began with a speech made by Gustav Stresemann before the League of Nations in 1929 (European Commission, 2003). The European Union was first established in 1957 under the name
of the "European Economic Community" (Oxfam GB, 2012). It took decades for the process to be completed. The next major event in the development of the European Union with a
single currency was the Treaty of Maastricht in 1992, which included provisions for a single currency to be introduced in the European Union (European Commission, 2003). The first stage
began in July 1990 which involved the liberalization of capital movements and the beginning of the convergence process. The principle of full freedom of movement was added in November 1993
(European Commission, 2003). The second stage covered January 1, 1994 to December 31, 1998. During this time, secondary legislation was implemented and euro bank notes and coins were introduced. The
third stage began on January 1, 1999. On this date, national currencies ceased to exist and the euro became the currency for all member states. The euro was only used
as a book currency for the first three years, which means that it was only used on financial markets (Europa, 2003). On January 1, 2002, the euro currency was finally
achieved when the bank notes and coins were introduced in 12 member states of the European Union (Europa, 2003). The euro is now used by 11 member states. The United
Kingdom opted out of the euro, keeping its own sterling pound (Europa, 2012). Denmark also opted out of the euro. There are also member states who have not met the
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