The UK and the European Monetary Union Analytical Essay by Nicky
The UK and the European Monetary Union
An analysis of whether the UK should join the European Monetary Union.
# 148533 | 2,765 words | 10 sources | APA | 2011 |
Published on Oct 26, 2011 in Political Science (Non-U.S.) , Political Science (Fiscal Policy (economy)) , European Studies (General) , Economics (General)
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The paper presents the arguments for and against the UK joining the European Monetary Union. The paper also points out that social, cultural and political reasons have played a more important role than economic reasons in the UK's decisions about joining the EMU. The paper argues that the present administration in UK must be far-sighted enough to look beyond the transition period and see the benefits provided by joining the currency union in the long-term. However, the paper notes that it would not be wise to rush into the monetary union just now when the world is facing one of its worst economic crises; the UK must wait for the time when joining the EMU would best serve the economic, political as well as social interests of the country.
From the Paper:"Some of the reasons cited by the IMF along with other factors that go against UK's joining the EMU are: (i) Political situation: The UK government feels that the country's economy is not prepared to accept the transition to a single currency. (Harris, 2001, p. 362); (European Monetary Union: Should Britain join the single European currency?) The UK government believes that the EMU would operate in an inflexible manner that would pose a risk to UK's economy which had a high tendency towards inflation. It would also result in a weakening of its competitiveness."
Sample of Sources Used:
- De Grauwe, Paul. 2007. Economics of Monetary Union. Oxford University Press.
- El-Agraa, A. M. 2007. The European Union. Cambridge University Press.
- Harris, Neil. 2001. Business economics. Butterworth-Heinemann.
- Mankiw, N. Gregory; Taylor, Mark P. 2006. Economics. Cengage Learning EMEA.
- Minford, Patrick; Walters, Alan Arthur. 2004. Money Matters. Edward Elgar Publishing.
Cite this Analytical Essay:
The UK and the European Monetary Union (2011, October 26) Retrieved May 27, 2023, from https://www.academon.com/analytical-essay/the-uk-and-the-european-monetary-union-148533/
"The UK and the European Monetary Union" 26 October 2011. Web. 27 May. 2023. <https://www.academon.com/analytical-essay/the-uk-and-the-european-monetary-union-148533/>