Euro

6 Pages 1459 Words

Euro Zone
After introducing the Euro, the single currency in Europe raises questions that are of vital importance to Britain’s interest. Whether or not Britain will eventually participate in the unified currency is another question and it’s affect on the rest of the European Union and Western Civilization. A unified or single currency has several impacts that the United Kingdom must consider before instituting the euro. A single currency will affect the financial markets and services, employment, and business.
Europe has embarked on an extraordinary undertaking: to create a single European currency. Although the Maastricht Treaty committed the European Union to the goal of economic and monetary union (EMU) several years ago, debate over the matters still continue to rage in several countries. Britain is not the only country reluctant to conform to this unified monetary system, although Sweden and Denmark have announced their intention of holding referendums in 2003. As of January 1, all other European Union states have began to accept this “simplified” currency. These states include: Belgium, Germany, Greece, Spain, France, Italy, Ireland, Luxembourg, The Netherlands, Austria, Portugal, and Finland.
The opposition states that the introduction of the euro is merely nothing more than an ill-advised and disastrous undertaking. Opponents also see it as a distraction from the two most urgent tasks facing the European Union: completion of the single market and enlargement of the Union to the east. Supporters of euro argue that the EMU is as essential to creating a stronger European Union, with greater economic, political and social cohesion. This, they believe, offers the only hope for helping former communist-bloc countries: closer integration among the current European Union members helps the prospects for enlargement. Without the unified curr...