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Hi, need to submit a 1750 words paper on the topic The United Kingdom Joining the Euro Zone.
Hi, need to submit a 1750 words paper on the topic The United Kingdom Joining the Euro Zone. In lieu of that, for a unified and uniform financial system to evolve, some countries in the world are implementing a “one currency policy” such as Europe—half of its member states are actually using euro as its sole legal and national tender—making up the local and economic union called the “euro zone” (European Central Bank, n.d.). Significantly, the economic performance of this union has been characterized by some critics as satisfactory and consistent. Hence, the British government became interested to succumb to the “euro trend” (“The United Kingdom,” 2010). Nevertheless, such desire has been attacked with many controversies—all one in saying that UK’s joining the euro zone is problematic and fraught with uncertainty economically and politically.
The euro zone or sometimes called as the “euroland” is a collective group of states bounded geographically and economically adopting euro as their common and legal tender—specifically referring to some European Union’s (EU) member states (“Eurozone,” n.d.). It had twelve members during its foundation on the first day of January 1999. Once a country declares euro as its official sole currency, it does not automatically accord a formal recognition that it’s already part of the euro zone.
It is now one of the largest economic areas in the globe having the most liquid legal tender in comparison with others (“Eurozone,” n.d.). As such, its monetary policies are created and regulated through the European Central Bank (ECB)—its main objective is price stability by defining and applying monetary policies throughout the euro land, conducting foreign exchange operations and managing the union’s official foreign reserves (“Eurozone,” n.d.. “The Eurozone,” n.d.). Although the ECB has no shared representations and fiscal policies, it has been able to function well since 1999 and partially achieved its major target.
