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

What is the Euro?

Extracts from this document...


Business Studies and Economics GCSE Coursework What is the Euro? Twelve European countries, collectively named the 'Eurozone', have chosen to replace their existing currency with a new, single European currency called the Euro. The final stage was the introduction of euro notes & coins on the 1st January 2002. The countries that make up the Eurozone are: * Austria * Belgium * Finland * France * Germany * Greece * Ireland * Italy * Luxembourg * The Netherlands * Portugal * Spain Value Front Reverse �5 �10 �20 �50 �100 �200 �500 1 Cent Coin 2 Cent Coin 5 Cent Coin 10 Cent Coin 20 Cents Coin 50 Cents Coin 1 Euro Coin 2 Euro Coin The UK has decided not to use the Euro currency at this present time, remaining with the Pound Sterling. But the UK is still a member of the European Union (EU). Two other members of the EU are also not currently using the Euro, and they are Denmark and Sweden. This has caused a large debate in the United Kingdom asking whether or not we should opt to join the single European currency. As I said, recently, 12 of the 15 European Union (EU) states adopted the single currency into their domestic economies. However, the UK was one of the four states who chose not to join. ...read more.


It is quite possible that the monetary union will not be sustainable; meaning countries that find themselves to be in difficulty may cancel their membership and re-establish an independent currency. Looking at the moral aspects of the argument, the loss of our own currency would be a loss of our heritage, our independence, and our freedom. Many people do not want to see the face of the Queen banished from the head of our coins to be replaced by something unfamiliar and European. The British nation has a reputation of independence but many people believe the Euro will take that away from us. Another key argument against entry is that if Britain were to join the Euro, our interest rates, currently the tool used for control of inflation by the Bank of England, would be set by the European Central Bank (ECB). Since being given independence the Bank of England has been successful in controlling inflation in this way. Problems could well arise if Britain loses interest rates as a tool for its own economic objectives. So, as you can see, there are two sides to this debate, both providing strong arguments. Having analysed both the pros and cons of membership in the Euro zone, I conclude that at this time it probably is not beneficial to join. ...read more.


The reality is that european monetary union involves much more than just sharing the same notes and coins as other countries in the eurozone. Adoption of the single european currency would mean binding the economic fortunes of the U.K. much more closely to those of continental europe, for better, or for worse. With the expansion of the EU to the east and new members committed to eventually joining the euro, could Britain risk becoming isolated from europe? Or could her abstention prove to be her greatest asset, giving the country the economic autonomy and flexibility required to be competitive in the global marketplace? The arguments on either side are complex and compelling, but if the country's leading business people, economists, financiers, academics and the politicians from all parties cannot agree on this issue, how easy will it be for the undecided amongst the rest of us to make up our minds? There will no doubt be politicians and campaigners from both sides of the debate who will use scare tactics or the dumbing down of the arguments in an attempt to shock or lull us into agreeing with them. But whether the answer should be yes, no or wait-and-see, the aim of this Web site is to build-up links to the key pro and anti-euro organisations as well as many of the best sources of comment and opinion available on the Internet thus allowing everyone who is interested to hear the arguments and make the most informed decision possible ...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

    v A Louder International Voice By working together in the EU member countries can ensure their concerns are heard, and taken more seriously, on the international stage. When the EU speaks it represents about 400 million people .This is more than the combined population of the United States & Russia.

  2. A clear explanation of key underpinning economic theories relevant to the EU.

    Boots has been preparing for the euro currency and this has had an impact on the business as vast amounts of money has been spent on systems changes, updating systems to take the new currency. In-order to be ready for the trading with the new currency, Boots has incurred costs

  1. Should Britain Join The Euro?

    If Britain joins the Euro, it will lose its economic independence, not to mention the power that it holds in the European and indeed World Trading Market that it has today. Britain has the fourth largest economy in the world, with a Gross Domestic Product of around $1416 billion in the year 2000.

  2. The Euro.

    The euro will be a major currency. It will be seen virtually everywhere where there are references to foreign currencies and swiftly become part of everyday life. When will euro banknotes and coins be issued? Euro banknotes and coins will not be available on 1 January 1999.

  1. Should the UK join the euro? Discuss the pros and cons in detail and ...

    We must have the same interest rate as other countries, but, if we keep it, it may not be suitable for other economies.

  2. Free essay

    Has British Politics been Europeanised

    The European Commission has "...direct power to prosecute and fire firms that break EU competition regulations."15 This again illustrates the monopoly that the EU maintains over the British government and other member states, and as a result forces them to adopt these views.

  1. The EU automotive industry currently faces a number of issues. It lags behind the ...

    Companies have taken measures in spite of this concern. For example, Elcoteq started transporting 150 workers from Narva (northeast region of Estonia) to work at its big mobile-phone plant in the capital, Tallinn. Incentives There are two main methods of incentives, indirect or direct.

  2. The question of whether Britain should gravitate toward adopting the euro is indeed an ...

    Many people simply do not want to part with the pound sterling, a currency they've known all their lives. Britain's identity rests in the pound sterling, why should they give up their identity? The problem that immediately faces Britain is one of convenience and expense.

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