This website uses cookies to ensure you have the best experience. Learn more

Why Member Of The European Union Are Still Interested In Joining The Eurozone

3237 words - 13 pages

The European Union (EU), an economic union between 28 member states in Europe, has recently suffered its first serious complication since its creation, labelled as the “Euro Crisis.” Some of the Eurozone members have serious debt problems, which have disturbed the rest of the EU. Despite, the current problems facing the euro, Latvia is still planning to adopt the single currency in 2014. Herman Van Rompuy (2013) acknowledged that the Eurozone is still a club that has a queue, not for the exit but at the entrance. Is it really a good idea for Latvia to sign on for membership in Europe’s troubled currency union? This essay will analyse the rationales why some EU member states like Latvia are still interested to join the Eurozone. Firstly, it will start with a short history of the euro to fill in any background informations. Secondly, the problems that the euro are facing, followed by the benefits of the euro. Furthermore, it will identify the Baltic countries and look over the convergence criteria met by Latvia. On top of that the reasons why should Latvia adopt or not the Euro and terminating with a conclusion, which emphasise the adoption of the euro by Latvia.

The Single European Monetary was seeking bond with the fragmented national markets into an integrated whole. The single currency is a complement to the single market. Napoleon actually mentioned in a letter to his brother Louis on the 6th of May 1807 that he is seeking one currency for the whole Europe due to him believing that it will make trading much easier and he was not wrong (Nello, S. 2012). The euro first came into existence in 1999, but the money only started to circulate in January 2002. This occasion represented the ultimate phase of a long journey and the realisation of the accomplishment of European integration. The EU has developed the single market through standardised system of laws that apply in all member states. Eleven of the fifteen EU member states joined the Economic and Monetary Union in 1999 and introduced a single currency called the “euro” in agreement with the terms and conditions of the Maastricht Treaty. However, Greece was not allowed to join until later on due to them not meeting the criteria required. Regardless, some EU member states Sweden, Denmark, and United Kingdom have decided to not adopt the euro and keep their national currencies. In 2004, the EU members enlarged and included smaller nations such as Hungary, Estonia, Latvia, Cyprus, Czech Republic, Poland, Malta, Lithuania, Slovenia, Slovakia and Romania, Bulgaria in 2007. Only Slovakia, Slovenia, Estonia, Cyprus, and Malta adopted the euro currency, while the other countries had some difficulties adjusting. In 2007/2008, the Eurozone was pushed into recession due to the global financial crisis. Countries like Greece started to face some huge money problem and trust issue. As international creditors began to realise that Greece might not be able to repay the debts acquired. In December 2009, Greek...

Find Another Essay On Why Member of the European Union are Still Interested in Joining the Eurozone

The following are equally important reasons why Stalin was able to hold onto power in the Soviet Union:

1493 words - 6 pages The following are equally important reasons why Stalin was able to hold onto power in the Soviet Union: The purges and show trials The secret police Propaganda and the cult of personality Stalin’s economic policies. Explain how far you agree with this statement. Stalin used to methods to hold onto power in the Soviet Union these were fear / coercion and persuasion / consent. If people were not

Identify the underlying theme in a Shakespearian play you have studied. Discuss the relevance of these themes in the context to the period and why they are still relevant today

1448 words - 6 pages contextualisation, quotes and scenes from the text as well as examples from today's society will prove that the social order are still undergoing the same religious and racial issues as we once were in the context of the playwright.The merchant of Venice was written during the highly pious Elizabethan period, a time of religious controversy and due to certain prejudicial restrictions Shakespeare could not write against his own country for he would be persecuted

What are the relative merits and drawbacks of parliamentary and presidential systems? Why have most East European countries adopted parliamentary systems?

2723 words - 11 pages European countries without addressing hybrid systems would lead to misleading conclusions.Juan Linz, an outspoken critic of presidential systems argues that as the executive is elected separately of the legislature, conflict and potential deadlock is an inherent flaw in presidential systems. He argues that as both the executive and legislature are democratically elected, they both believe they have a mandate for passing legislation. While this will

Why we are still attending to a university?

656 words - 3 pages others forced ones also resign from his chair to protest this incident. After years when he came back to his country he said that that in those days most of European universities open their doors to himself. These examples illustrate us how universities are still have a vital role for free speech and democracy. Secondly, like all other institutions universities transform with the time in order to meet our changing needs.Today many people attend

Enlargement Of The European Union

2723 words - 11 pages objectives of the European Union as set out in the Treaties. These prerequisites are known as the aquis communautaire.The European Council have outlined that compliance with the political criteria or aquis communautaire identified at the Copenhagen European Council is a prerequisite for the opening of accession negotiations, and that compliance with all of the Copenhagen criteria is the basis for full EU membership6. The accession criteria also

Many people are interested in the small island Sri Lanka;

3933 words - 16 pages Many people are interested in the small island Sri Lanka; where it is, what the people are like, and most of all the characteristics of the culture. Sri Lanka is located about thirty miles south of India. Due to the island's pear- shape, it is often affectionately called the "Teardrop of India." (Wanasundera 7). Both cultures have contributed to the American culture, are faced with many stereotypes in America, and have many intriguing customs

Evaluating the European Union in Terms of Democracy

2197 words - 9 pages Consolidated Version of the Treaty on European Union (2012: 17) stipulates that “[t]he functioning of the Union shall be founded on representative democracy”, which in the Article 2 is remarked as one of common values to the member states. The history and treaties therefore suggest how the EU is ideologically and intrinsically connected with democracy, which nevertheless cannot be regarded as democratic justifications since the connection is

The History of the European Monetary Union

3624 words - 14 pages II replaced ERM. ERM II is an exchange rate mechanism for EU countries which are currently not taking part in the monetary union. It is up to each individual country to decide when to enter ERM II. However, European Union member states that have not adopted the euro must participate in the ERM II for at least two years before joining the Eurozone. The participation means that the member countries aim to demonstrate the stability of their exchange

The subsidiarity principal in the European Union

4677 words - 19 pages over certain competences in defined fields and were willing to transfer their power. The problem is mainly that mostly limited powers are transferred, which makes the whole debate so complex. If the Union and the Member Sates would be able to reduce the so called "shared competence", problems might be reduced.In the last part of the case work, special attention was given to the ultimate evolution of subsidiarity within the European Union. The new

The United Kingdom in the European Union

1844 words - 7 pages In joining the European Union, the United Kingdom has been affected in many different ways. We have had the advantages and the disadvantages, the benefits and the costs. Advantages to the EU cover many fields; there is greater specialisation and economies of scale, for example the more efficient a firm is in producing their product then the bigger the scale of production leading to higher capital for them and also leading to lower

The Enlargement of the European Union

2433 words - 10 pages The enlargement of the European Union (EU) in 2004 and 2007 has been termed as the largest single expansion of the EU with a total of 12 new member states – bringing the number of members to 27 – and more than 77 million citizens joining the Commission (Murphy 2006, Neueder 2003, Ross 2011). A majority of the new member states in this enlargement are from the eastern part of the continent and were countries that had just emerged from communist

Similar Essays

An Arguement Against Albania Joining The European Union

1186 words - 5 pages be more foreign investment and economic support by other countries, but it also true that Albania is receiving foreign investment without being part of EU. There are also three for which should not join the EU. Firstly, Albania is not economically prepared to face this change and because of it, economy would pass a crisis period. In fact, European Council states that being part of Union there are required some conditions, such as a functioning

Why Are You Interested In Pursuing This Graduate Program At The Mc Coll School Of Business?

647 words - 3 pages Why are you interested in pursuing this graduate program at the McColl School of Business? I am interested in pursuing your Executive MBA program to become a more effective leader. I recently made application to the IRS for 501 c-3 non-profit status for MEDSYN®ORG with plans to conduct charity fund-raising events beginning next February. I am confident that this graduate program will ensure that I meet my personal and professional goals. In

Organizational Behavior. In Studying Motivation We Are Interested In Understanding Why People Choose To Do Certain Things Rather Than Others,And Also Why Different People Put Different Amounts Of...

3051 words - 12 pages the other hand,are external to the person.In studying motivation we are interested in understanding why people choose to do certain things rather than others,and also why different people put different amounts of effort or intensity into the activities they engage in.Attitudes:An attitude refers to the way a person feels about and is disposed towards some "object".Attitudes are relevant to our understanding of individual motivation and behavior

"The Boundaries In The Enlargement Of Europe" Cultural, Geo Political, Institutional/Legal Boundaries That Are Shifting In The Enlargement Process Of European Union

1812 words - 7 pages With the end of the Cold War, the former subjects of the Soviet Union re-entered to political, cultural and economic arena starting a new phase in European continent and in European Union by the enlargement process. However the extending of European Union eastwards gave rise to the debates over the boundaries of Europe and the uncertainty about the final limits are becoming a problematic field that effects the future of the Union.BOUNDARY