The appearance of euro in 1999 and its acceptance by 11 countries of European Union (at a primary stage) has been the most significant effort of the Community towards this direction. Since its introduction euro has verified the provisions referring to its success. However, there are countries of the European Union that have not been convinced on the stability of the new (common) currency and for this reason are still reluctant in entering the European Monetary Union (EMU). Sweden and UK are the most representative examples of the above phenomenon. Particularly regarding Britain, the country’s position towards euro has been considered as crucial mostly because of the role of this country to the development of the global financial markets.
The participation of UK in the European monetary union has been chosen because of the importance of this issue for the social, financial and political context in Britain. Moreover, the specific issue has been extensively examined as it presents a series of difficulties that create severe problems to the realization of the relevant project. More specifically, the participation of Britain in the monetary union as it has been formulated and applied in the members of EU has been doubted as of its feasibility. The existing differences between UK and the European Union have been found to be a lot. In fact, the difference in currency is not the only one existed between Britain and the other members of European Union. ...Show more