The introduction of Euro has brought in many significant changes in the European Economy. The most noticeable of them all is the economic integrity brought by the introduction of the Euro. The positive effects are not restricted to economy but they also positively influence the political climate in the European countries…
Prior to its launch there were ambiguities but after the launch all the issues quickly disappeared and Euro within no time became a favorite among the citizens residing in European Countries. Roughly around 320 million European citizens use the currency and find it really amazing and beneficial in more ways than one. Euro is used in almost all the European Countries but there are still exceptions like Denmark and United Kingdom who still use their own currencies, the British pound is used in United Kingdom and the DKK better known as the Danish Krone is used in Denmark. One of the biggest advantages of Euro is that it saves a lot of time and effort of the travelers who choose to travel with Europe. For instance if there is a Soccer game in Spain which a Greek citizen wants to witness, he/she can just straight away catch a flight and reach the Soccer stadium in Spain and watch the game. There is no need to covert the currency into some other currency. The same has resulted in saving a lot of time and effort of the European Citizens. This was not the case prior to the introduction of Euro. The people had to exchange money every now and then to meet their demands but after the introduction things have changed for better.
Another major advantage is the clarity in prices whenever an European citizen travels to another European country it becomes very easy to compare and buy the products of his/her choice; this facility was not available to the citizens prior to the launch of the Euro. Earlier even if a Tourist wanted to buy a product desperately, he/she was made to think thrice about it because of the different currencies within Europe but these days there is transparency in prices with regard to the currencies and this has only happened because of the introduction of the Euro. Euro has brought in a lot of Economic and financial stability, a Businessman is much less prone to risk when using Euro as his/her currency. Single currency keeps the inflation rate under a good check, which is extremely important for an economy and the Euro does exactly that. It keeps interest rates and the rate of inflation under check hence it can be said that the Euro plays a pivotal role in maintaining the economic growth of the European nations.
"Having a single currency and an economic and monetary union strengthens Europe's role in international fora and organizations like the International Monetary Fund, World Bank, and Organization for Economic Co-operation and Development." (The Euro & You, 20 October 2008). Euro strengthens the position of all the European countries, having a single currency helps a lot in the growth of the country and in this particular case Europe on the whole. Euro is very frequently used in international trade; it has very quickly become a part and parcel of the lives of many businessmen who carry out trade at large scales. Countries also have started using Euro as the currency for International trade. "A single currency makes Europe a strong partner to trade with and facilitates access to a genuine single market for foreign companies, who will benefit from lower costs of doing business in Europe." (The Euro & You, 20 October 2008).
The investors get a lot of positive things by using the Euro as their currency; they get more access to liquid financial markets and also they get a ...
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(European Single Currency Essay Example | Topics and Well Written Essays - 1750 Words)
“European Single Currency Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.net/miscellaneous/276057-european-single-currency.
It had dwindling rate of economic growth following this period globalization. However, the country intensified in propulsion of relevant aspects that would capacitate it to recover from the economic situation that also affects the balance of payment (Pinder and Usherwood, 2007: 57).
Through time, much progress has been realized in the EU given the creation of a single market and the adoption of a single currency across the region. Further, there has been a coordinated conduct of the member counties on international trade negotiations and a sense of a common monetary policy in the region.
10). This was aimed at increasing and providing sustainable jobs and to enhance the economic growth within the member states, provide for one currency between the member states and free movement of citizens within the member states. Even though this program has been successful in achieving effectiveness, it still faces some setbacks since it is inevitable for such a program to experience problems in its definition and its implementation (Pohl & Sorsa, 1992, pp.
EU came into force on 1st November 1993. The EU headquarter is in Brussels, Belgium. The European Union is an official department where all the countries agree on a single trade policy and it is like an agreement where the trade barriers between the members of the European Union are removed.
The ratification of the Maastricht treaty in November of 1993 was responsible for the creation of the European Monetary Union or EMU and adopted the Euro as their common currency (European commission, n.d.).
Roughly around 320 million European citizens use the currency and find it really amazing and beneficial in more ways than one. Euro is used in almost all the European Countries but there are still exceptions like Denmark and United Kingdom who still use their own currencies, the British pound is used in United Kingdom and the DKK better known as the Danish Krone is used in Denmark.
The Single Market today is an attractive and rather transparent environment for business and that is why during last fifteen years it has increased more than by one third. Owing to the unity of the market, the conditions of life in Western and Central European countries have notably approached.
It has created enormous opportunities for competitive Business enterprises.
Like other Businesses Greeting cards Business and related services have tremendous opportunities to grow and expand in the lucrative single market of EU. Burton International Ltd.
This research will begin with the statement that the Maastricht Treaty on European Union gives the exact framework for the replacement of the national currencies in many countries in Europe to only a single currency called the European Union dollar. The transition to the new single currency would take effect on January 1, 1999.
11 Pages(2750 words)Essay
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