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... This refers to the pursuance of free trade amongst member states, a single market economy throughout Europe, and a common currency, known as the euro. ... However not all of the member states have adopted the single currency, but the Euro is now being used in twelve European countries. ... During this essay I will try to explain why two of these countries in particular, Sweden and the UK, are not currently members.
The UK originally chose not to adopt the euro on the basis of sovereignty; this was during the period where Margaret Thatcher was prime minister. She was very adamant that the economy of the UK, would fair worse if the Government had less control in the operations of Interest rates and Inflation. ... The current prime minister, Tony Blair, is a passionate supporter of the euro and would like the UK to join, but does not feel public opinion would be so favourable. After the disastrous Nice Treaty defeat in Ireland, Blair doesn’t feel that a positive public referendum on the euro is possible. ...
The Chancellor of the Exchequer, Gordon Brown, created a method of assessment to determine whether the UK could enter the EMU. This assessment consisted of 5 economic tests which he believes should be passed for the UK to benefit from membership. ... It was shown that at this current stage, the UK would only pass 1 of the 5 criteria set (criteria 4 was said to be passed as the United Kingdom’s tertiary market would be able to expand through Europe). There are many reasons why the UK shouldn’t enter the EMU on the basis of the above tests; however some arguments for entry are still apparent. ...
Here are some of the advantages that the UK could benefit from if they joined the EMU.
Approximate Word count = 1489
Approximate Pages = 6
(250 words per page double spaced)
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