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European Business Leaning Outcome 1 Ruonan Huang Effects on the national economy of UK entry into monetary union Twelve EU countries adopted the Euro as their currency on January 1st 2002. Only three EU countries remain outside: Denmark, Sweden and the UK. Countries joining the EU after 2004 will also adopt the Euro. The UK government is in favour in principle of joining the Euro, but it has promised a referendum so that British people can take the final decision. Joining the Euro will affect UK in many ways * Inflation Britain has a low inflation level in recent years. Joining the Euro Britain will be forced to have European interest rates which have been much lower than British ones, which will be leading to a boom on inflation. However, for a long-term point of view, joining the Euro will have effect on prices. Britain has generally higher prices than the rest of Europe, if...

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