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 | US

$19.95 Buy and instantly download this paper now


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:

APA Format

The UK and the European Monetary Union (2011, October 26) Retrieved May 27, 2023, from

MLA Format

"The UK and the European Monetary Union" 26 October 2011. Web. 27 May. 2023. <>