Britain's Currency Debate Over the Euro
A discussion of likely economic and political effects of adopting the Euro as the official British currency.
# 65355 | 1,315 words | 5 sources | MLA | 2005 |
Published on May 07, 2006 in Economics (International) , Economics (National) , Political Science (Fiscal Policy (economy)) , Economics (General)
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The prospect of switching Britain's official national currency to the Euro, and the related issue of whether the country should join the European Union, have certainly inspired much heated debate and a variety of viewpoints regarding possible consequences of these changes. This paper explains that the widespread prevalence, passion and diversity of the public discussion on British currency could be seen as a possible reason for the government's resistance to the Euro, in and of itself. It explains that the United Kingdom is regarded all over the world as a successful, consolidated democracy, meaning that the government represents the interests and wishes of its citizens. The writer further points out that therefore, it seems likely that until the public is assured and convinced that the Euro will result in only positive economic and political changes for both ordinary Britons and the country as a whole, the pound will continue its exclusive monopoly over the British economy for many years.
From the Paper:"The decision of Britain of whether to adopt the euro as their only currency and eliminate the pound completely has been widely debated over the last few years. There are a myriad of good reasons for this; the switch to the euro currency will undoubtedly have various consequences whose benefits and downsides are very debatable. These consequences will certainly affect several of Britain's long-established roots and traditions in aspects of its government such as the economy, of course, but also its political parties, European integration, international relations, citizen participation in the government, and public opinion. Furthermore, economic results of Britain's adoption of the euro will likely include significant modifications in taxation, trade, unemployment, price stability, interest and exchange rates, standards of living, and economic distributional policy."
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