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Why The Uk Should Convert To The Euro

1815 words - 8 pages

Taylor Ludlow
Mr. Joshua Williamson
ELA 9H Adv
7 April 2014

Why the UK should convert to the euro
People have always wondered why the UK still uses the pound sterling. The UK, being a member of the European Union, should have converted to the euro by now. While the pound sterling gives the country its uniqueness and allows them to remember the history of their country, it does not have as many advantages as the euro. So, although the pound sterling allows the UK to remember the history of their country, the euro would prove more economically advantageous because of its international implications for trade and travel.
BACKGROUND INFORMATION
Pound Sterling. The pound sterling is the currency of the United Kingdom. The exchange rate for it is currently 0.60 pound sterling for 1 US dollar. A change occurred in 1971 that changed the way the pound was divided. Before 1971, it was divided into 20 shillings. Each shilling was then worth 12 pence. Overall, 1 pound was worth 240 pence. In 1971, they changed it so that it was divided into 100 pence instead (Pound Sterling).
History of the UK. The United Kingdom has always been a very powerful country in the world. At one point the British Empire had control over almost a quarter of the earth’s land. However, the country had a decline in the economy after World War II (Black). The war had a devastating effect on the country and its people. Many people had to change their careers from manufacturing jobs to service jobs (Black). It was a huge change for the country and its people.
European Union. The European Union is “a unique economic and political partnership between 28 European countries that together cover much of the continent” (Europa). The EU, as it is abbreviated, is essentially one group of European countries that have joined together, not necessarily as one country, but more as an association, or society. They work together to deal with economy and they help each other. They also work as their own countries, as well. They all still have separate governments and economies. The original document that was signed to create the European Union was the Maastricht Treaty.
Euro. When the Maastricht Treaty was signed, it called for a common currency among the countries of the EU. The currency that was created was the euro, "euro, monetary unit of the European Union (EU)” (Euro). This was created to make the countries that join the EU feel like they are one society. If they all had the same currency, they would feel like they are joined together. The euro also makes it more convenient for other countries, too. If all the countries have the same currency, trade is easier because there is only one currency to covert to, and then you can trade with the rest of the countries that use that currency.

“The Maastricht Treaty (formally known as the Treaty on European Union), which was signed on February 7, 1992, created the European Union” (Europa). The treaty states that the countries that are a part of the EU...

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