Join now to read essay EuroThe Euro is the common currency of 12 of the 15 European Union nations.There are seven different banknotes printed on paper containing genetically modified cotton.Ђ50, Ђ10, Ђ20, Ђ50, Ђ100, Ђ200, Ђ500There are eight coins. One side of the coins is common to all the countries, the reverse is specific to each nation.Approximately Ђ14.89 billion banknotes and Ђ51.629 billion coins were initially minted.The Euro came into theoretical operation on 1st January 1999.On 1st January 2002, 12 European Union members got rid of their own currencies and introduced the Euro as their sole currency.Britain has yet to join the Euro and Jack Straw, the Home Secretary, has stated that the decision will almost certainly be a political one.The Chancellor, Gordon Brown, stated that the decision will be an economic one and that Five Tests will be used to determine whether Britain joins the Euro
The Financial Times and Associated Press reported on 21st May that a ‘substantial’ number of Eurozone members were moving their capitals to the UK and that Euro member Denmark, a member of the Eurozone, is moving its capital to Denmark.The British government said the process would be carried out “under strict and rigorous controls”.There was no official announcement as to how many member countries were joining the Eurozone, although Euro members of the European Economic Area, an association of 12 countries, have been invited to join, with Switzerland having been invited.But a senior Eurogroup official told the Financial Times the decision did not have to be a political one, since the government was “on track” to enter the ‘Eurozone by a majority of more than 30 per cent”.The spokesman said the group was prepared to have no decision to make before it had reached its full membership list in July.The spokesman said: “There is no official determination of how many Euro members the group will have to choose, we hope we will have a fair and robust decision-making process. We are ready to have negotiations under a fair and rigorous controls and we’ve done our research in the past to make sure that we have the most complete results of our consultation – the main issue was very contentious, the ‘Eurozone exit talks’ were extremely tense and we made some significant investments in research and technologies to make sure that Euro members looked in the right direction.The EU Commission and the Treasury have confirmed that all member countries, except for Turkey (in which case the decision had almost certainly been a political one), will remain open to negotiation by the end of this month, in accordance with the criteria laid down in the previous European Council statement of 23 March 2016.The decision will take place at the next Council meeting on 1 July, in London.The Treasury’s analysis is that the UK government is likely to use this as the backdrop for EU-wide action on Cyprus.
The Financial Times and Associated Press reported on 21st May that a ‘substantial’ number of Eurozone members were moving their capitals to the UK and that Euro member Denmark, a member of the Eurozone, is moving its capital to Denmark.The British government said the process would be carried out “under strict and rigorous controls”.There was no official announcement as to how many member countries were joining the Eurozone, although Euro members of the European Economic Area, an association of 12 countries, have been invited to join, with Switzerland having been invited.But a senior Eurogroup official told the Financial Times the decision did not have to be a political one, since the government was “on track” to enter the ‘Eurozone by a majority of more than 30 per cent”.The spokesman said the group was prepared to have no decision to make before it had reached its full membership list in July.The spokesman said: “There is no official determination of how many Euro members the group will have to choose, we hope we will have a fair and robust decision-making process. We are ready to have negotiations under a fair and rigorous controls and we’ve done our research in the past to make sure that we have the most complete results of our consultation – the main issue was very contentious, the ‘Eurozone exit talks’ were extremely tense and we made some significant investments in research and technologies to make sure that Euro members looked in the right direction.The EU Commission and the Treasury have confirmed that all member countries, except for Turkey (in which case the decision had almost certainly been a political one), will remain open to negotiation by the end of this month, in accordance with the criteria laid down in the previous European Council statement of 23 March 2016.The decision will take place at the next Council meeting on 1 July, in London.The Treasury’s analysis is that the UK government is likely to use this as the backdrop for EU-wide action on Cyprus.
The Financial Times and Associated Press reported on 21st May that a ‘substantial’ number of Eurozone members were moving their capitals to the UK and that Euro member Denmark, a member of the Eurozone, is moving its capital to Denmark.The British government said the process would be carried out “under strict and rigorous controls”.There was no official announcement as to how many member countries were joining the Eurozone, although Euro members of the European Economic Area, an association of 12 countries, have been invited to join, with Switzerland having been invited.But a senior Eurogroup official told the Financial Times the decision did not have to be a political one, since the government was “on track” to enter the ‘Eurozone by a majority of more than 30 per cent”.The spokesman said the group was prepared to have no decision to make before it had reached its full membership list in July.The spokesman said: “There is no official determination of how many Euro members the group will have to choose, we hope we will have a fair and robust decision-making process. We are ready to have negotiations under a fair and rigorous controls and we’ve done our research in the past to make sure that we have the most complete results of our consultation – the main issue was very contentious, the ‘Eurozone exit talks’ were extremely tense and we made some significant investments in research and technologies to make sure that Euro members looked in the right direction.The EU Commission and the Treasury have confirmed that all member countries, except for Turkey (in which case the decision had almost certainly been a political one), will remain open to negotiation by the end of this month, in accordance with the criteria laid down in the previous European Council statement of 23 March 2016.The decision will take place at the next Council meeting on 1 July, in London.The Treasury’s analysis is that the UK government is likely to use this as the backdrop for EU-wide action on Cyprus.
The Five TestsIn order for the Euro to be introduced in Britain, Gordon Brown’s ‘Five Tests’ for UK participation must be met. This is largely so, particularly the advantages to the Financial Services sector.
Low inflationThe prospect of sustained low-inflation under the responsibility of an independent European Central Bank should reduce long-term interest rates and stimulate sustained economic growth and competitiveness. The UK has a successful flexible labour market that would be highly effective inside a single currency area.
Arguments for a single European currency often rest finally on the hope that it will usher in permanently low inflation, which has been the expressed objective of British policy for some years. The benefits of low inflation are beyond dispute. Markets work more efficiently, the quality of savings and investment decisions improves,