Evaluate the arguments for and against UK entry into the eurozone.

Claire Reilly The New Europe: Understanding the European Union -Evaluate the arguments for and against UK entry into the eurozone. The debate over the United Kingdom's involvement in the eurozone has been prominent ever since the British government decided to withhold UK entry until a later date. Although the euro only became a physical reality across Europe on 1 January 2002, it has been years in the making. The development of the euro dates back to the Treaty of Rome in 1957, when a common European market was declared as a European objective, aiming to increase European prosperity and develop an even closer relationship amongst the peoples of Europe. Following agreements such as The Single European Act (1986) and the Treaty on European Union (1992), the European Monetary Union, EMU, has been introduced, laying the foundations of the single currency. The European Central Bank (ECB) was established on 1 June 1998. It is based in Frankfurt am Main, Germany, and aims to maintain price stability and to conduct a single monetary policy across the euro area. This is done through its own activities and through working with the national central banks. Together, the ECB and the euro area national central banks are known as the Eurosystem. On January 1 2001, the exchange rates of the participating countries were irreversibly set. Member states implemented a common monetary

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  • Subject: Business and Administrative studies
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