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The Adoption Of The Euro Case: Sweden And England

2525 words - 11 pages

Europe consists of several sovereign countries which use their own currency prior to the creation of the European Union in 1993. The EU has been built through several binding treaties and laws that harmonize European states when it comes to political issues and economic issues. It was until the Maastricht Treaty of 1999 that established a single currency known as the euro. The euro’s purpose is to have a single currency in Europe, similar to a single currency in the United States. Since Europe’s countries are closely tied together, the goal of the currency is to trade easier with one another, as well as sharing fiscal and exchange rates. Currently, there are roughly about 17 members from the EU who uses the euro as their currency and it is known that once a country joins the Union, it must quickly adopt to use the euro to enter the market for goods, services, and trade among member states. This adoption of a single currency has been the talk for a decade as well as in literature and scholarly articles. Throughout the course of this paper, it would look at two countries that refuse to adopt the euro: Sweden and the United Kingdom. The paper would answer questions that surround the euro ever since it was created, such as national identity issues of both countries, how it affects political leadership, and the economic costs and benefits of adopting the euro. Ultimately, it would answer a research topic whether the euro will overall rise or fall in Europe.
Many scholars find the adoption of euro as a mean of saving their economic growth. Others often perceive it as an easy road for facilitating trade and secure their bank’s assets. However, there are other scholars whose ideas and perceptions differ from them. Some academics and economists find the euro as an increase on their debts which withholds sovereign states from obtaining their own banks and shifting power to their own country. Nonetheless, the surrounding controversies around the euro do not stop other EU members from joining the Eurozone. According to Paul Mason and his fellow colleagues from their book, EMU and the International Monetary System, the share of dollar will decrease, while the share of the euro will increase. They state that the euro is the second largest currency as well as the second most traded currency in the world after the United States dollar, with several countries continuing and pleading to join the Eurozone. However, not all European countries share their passion for obtaining a single currency. Sweden and Britain are two countries who play a major role in rejecting the idea of the euro and currently use their own currency.
The referendum of the EU is for member states to uphold their currency and adopt the euro. However, only Sweden and Britain (along with Denmark) do not comply with this wish. This paper will also take a closer look at both of these countries to answer the analysis concerning their reluctance in joining the Eurozone. Due to their membership from...

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