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The European Union has been embarking on a critical phase in its evolution towards greater economic and political integration with the formation of an economic and monetary union - Benefits of joining a single currency
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What are the benefits of joining the single currency? 'The European Union has been embarking on a critical phase in its evolution towards greater economic and political integration with the formation of an economic and monetary union (EMU)' Economists are split on their view on this matter and so are government, so they hold a wait and see policy. In this essay I will critically assess the benefits of joining the Single Currency for the UK. The single currency is based on the Maastricht treaty; in it suggested that the following conditions would be present within the new system. The inflation rate of a country should be no more than 1.5% higher than the average of the three best performing member countries; the long term nominal interest rates should be no more than 2% higher than the three member countries with the lowest inflation rate; the exchange rate of any member countries should...
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