• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

The debate of the Euro - 'Should Britain join the euro?'

Extracts from this document...


The debate of the Euro - should Britain join the euro? Student ID number______________ Student name _______________ Course/Year _______________ Module _______________ Module Tutor _______________ Date Submitted _______________ Introduction Since the Euro appeared, there had been intense debate going on in the United Kingdom. This debate asks whether or not Britain should opt to join the single European currency. The arguments for and against are complex and often confusing, but essentially they fall into two groups. One group claims the case is pragmatic and that no matters of principle are involved; the other claims the opposite, that principle over-rides whatever other advantage there may be. The first group says that entry is purely a question of where Britain's economic interest lies. If it can be shown that the country's material well-being will benefit, then we should go in; if not, not. The second group says that, on the contrary, the very future of the country, its identity and its freedom to make its own decisions as a nation, are at stake, since entry will inevitably lead to a loss of British sovereignty to European institutions. Tony Blair's Labour government belongs to the first group. It has declared that there are no political barriers to entry and that the only tests to be applied are of economic advantage. As Gordon Brown, chancellor of the exchequer, said the government is pro-euro "we believe that - in principle - membership of the euro can bring benefits to Britain." ...read more.


Of course, it is only monetary policy that must be the same throughout a monetary union. The Maastricht rules create a permanent and unqualified prioritization of the control of inflation and place policy in the hands of central bankers, who are by intention less accountable than been in a democracy. This is no accident. It is a deliberate response to the doctrine of policy credibility. Revocable commitments can be revoked, therefore only irrevocable ones are persuasive. Thus the statutes of the European Central Bank can be changed only by the unanimous agreement of every national parliament, and in some cases national referenda as well. What should Britain take into account? The Euro is a very simple change: one currency replaces twelve national ones. But this event comes with a whole series of economic consequences. Much of the attention given to EMU concerns how it would affect the big decisions in the economy, such as interest rates and exchange rates. These are very important. Questions of political sovereignty, federalism or supranational should be considered as well. Pro's of The euro Economically, the main advantage of the single European currency is the fact that it would cause prices to be greatly reduced. At the moment, Great Britain has been given the label of "Rip-off Britain" due to the frequent extortionate prices which we are charged for goods compared to other countries. ...read more.


It will risk being marginalised in the EU if it fails to join within a few years. At present the public opinion in the UK is against joining the Euro, and for keeping the pound. This is entirely natural and understandable. Almost all change is resisted for various reasons, mainly psychological. Fear of the unknown, laziness in trying to avoid the extra the adaptation will require. Other European countries have overcome their inertia and fear, and it may be asked why Britain should be a special case. The fact that the UK is an island adds to the natural reserve of its inhabitants. The British rarely bother to learn other languages, and cross national borders less frequently than their mainland counterparts. Another reason for greater inertia is that the British have had their own currency the pound for much longer than many other European nations, and been invaded and conquered less frequently and less recently. In my opion Britain will join the Euro inevitablly, and Britain has started moving towards it. It is only a question of time how long Britain can afford to remain out of it. Sweden and Denmark also can hardly afford to remain apart from the Euro for more than a few years. Within a few years, the government will be spending its advertising dosh to persuade us that the Euro is a desirable necessity. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level European Union section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level European Union essays

  1. Marked by a teacher

    Should Britain Join the Euro

    This is due to a large percentage of variable-rate mortgages, and companies being heavily reliant on debt finance for investment. Fiscal policy would also be lost, to a certain extent, as a tool for economic management, due to the fiscal stability pact which limits national budget deficits to 3%.

  2. The Institution of the European Union and Theories.

    The single market allows companies form all over the member states to sell its products and services anywhere and consumers can buy where they want without no penalty. A firm has potentially 360 million consumers to sell to and this in return the business can face a lot of competition.

  1. The Foreign Policy of Great Britain in relationship to the European Union.

    The Presidency Here Britain again comes out with some radical changes. According to the British Government, the Union should be open to reforming the way individual Councils work, perhaps through team presidencies that give the leadership of the Council greater continuity and weight; greater use of elected chairs of Councils

  2. Why did Britain join the EEC in 1973 and not in 1957?

    The ETFA couldn't help Britain's finances either; Britain had the strongest economy out the other member countries. The political reasons for wanting to join the EEC include the Suez Crisis, the Commonwealth and America. The Suez Crisis (1956) had proved that Britain was no longer a Great Power, needing America's support to influence the world.

  1. What does citizenship mean in the European context?

    beloningness -- which are typical of those very constructs which are denied. There is a worse, even more dispiriting interpretation to the Citizenship discourse in Maastricht and in the run up to IGC 96. What is the political culture which underlies the discourse of beloningness so much sought after.

  2. C1 Analyse the factor, which contribute towards an effective team.

    Problems occurred with some of the members as they had to go Wimbledon College and they couldn't make it to sell the tickets. * Training and development Our members didn't have any training in carrying out the business. We were just given tasks and we had to work on them.

  1. European Single Currency.

    This is because of common external tariffs within the EU and protectionism; this makes it cheaper for Britain to buy from Europe than from the rest of the world. The main sector that will be affected by the introduction of the Euro is Imports and Exports, and any other business

  2. Types of Democracy and Ways of Participating.

    Define direct democracy Direct democracy is when the people make political decisions themselves instead of having to rely on an elected representative to decide their political affairs for them. This is seen as the purest form of democracy and really represents the views of the people.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work