Should Britain join the Euro? A report into the pro's and cons.

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Should Britain join the Euro? A report into the pro’s and cons

By Katie Clarke


One of the main changes in recent years in the world economy is the appearance of a new sole currency for 12 European countries: Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Sweden and Greece. The two main reasons for building a new currency are, firstly, to rival the US dollar, and, secondly, to strengthen and unite the European economy. There is a long pre-history of building the single European currency with a several unsuccessful attempts. Because of this previous experience, and previous monetary losses, countries such as the UK and Denmark are undecided as to whether to join the European single currency. This report will analyse if the UK should join the Euro or stay with the Pound.


  • 1946- The European Federalists Union is put into place in Paris, France.
  • 1948- The custom convention between Belgium, Luxembourg and the Netherlands comes into force.
  • 1949- The Western Union Treaty (Brussels Treaty) is signed by Belgium, France, Luxembourg, the Netherlands and the United Kingdom.
  • 1949- France, Great Britain and the Benelux countries (Belgium, Luxembourg, and the Netherlands) decide to set in place a Council of Europe and ask Denmark, Ireland, Italy, Norway and Switzerland to help them prepare the statutes of such Council.
  • 1961- The United Kingdom formally applies to join the European Communities.
  • 1961- Ireland formally applies to join the European Communities.
  • 1961- Denmark formally applies to join the European Communities. 
  • 1967- The United Kingdom re-applies to join the Community. It is followed by Ireland and Denmark and, a little later, by Norway. General de Gaulle is still reluctant to accept British accession.
  • 1971- Applicant countries to the European Communities, namely Denmark Ireland, Norway and the United Kingdom, outline their respective negotiating positions.
  • 1972- The signature, by Denmark, Ireland, Norway and the United Kingdom, of the Treaties of accession to the European Communities.
  • 1975- In the British House of Commons, 369 members voted in favour of the United Kingdom staying in the Community with 170 voting against it.
  • 1999- The Euro came into circulation in 1999 when eleven member countries began to put it into practice.
  • 2002- Twelve EU member countries adopted the single currency as thier only currency.
  • 2004- Expansion of the EU means Ten more countries in the EU, each now planning to accept the Euro in the near future.
Join now!

As with all important large-scale economic decisions there are many advantages and disadvantages to the UK of joining the Euro, therefore it is important to assess whether the benefits of such a project outweigh the foreseeable risks.

The argument for a single currency

“The single currency is merely the next logical step in the development of a truly single market which will lead to greater economic prosperity, stability and security for Europe's inhabitants, and that by joining Britain would gain a voice in what could eventually become the world's most powerful economic zone”


Perhaps the ...

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