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Essay / Research Paper Abstract
This 5 page paper considers why the United Kingdom has chosen not to join the single European currency. The writer argues that the decision is not purely economic, but is seen as political and social, with the disadvantages being greater than any potential advantages. This paper concentrates on the disadvantages, such as loss of monetary power. The bibliography cites 6 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEukeuro.rtf
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Unformatted sample text from the term paper:
after midnight, all because of the single European currency. This currency had existed for a long time in a virtual world, pegged as a set value against all the currencies
of the member nations adopting the single currency. In reality the Euro had been in use for two years, but it was on this day that the Euro became a
physical as well as a virtual reality. However, not all EU countries were entering the currency. The UK is one of these, We can cite many reasons, however, in looking
at the evidence it has to be argued that there are two main reasons, the inability of the public to accept this as an acceptable move, with many opposed to
the single currency, even if admitting it makes economic sense. Secondly, there is also the down side in the way that there will be a loss of monetary power. Both
of these reflect the political and social aspects of joining the single currency, and not the economic reasons. The idea that this is a political move is widely recognised,
as Gerhard Schroder has stated "The introduction of the common European currency was ultimately by no means only an economic decision. It was an original political act to hand over
sovereignty over one of the most important areas of national authority to a European authority.....For this reason alone, monetary union requires of us Europeans decisive advances in the field of
political integration" (No Euro.com, 2002). Therefore, it is not the currency itself that is objected to, but the meaning it has in political terms.
The development of the European Monetary Union has called into question a number of major points, including concerns that the EMU might not support the individual national interests
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