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The UK and the single currency.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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The UK and the single currency The single currency, the Euro, was created in January 1999. It replaced the ECU (European currency unit), a basket of European currencies, on a one for one basis. Each of the member countries adopted fixed conversion rates between the Euro and their own currencies. In the Maastricht Treaty it was foreseen that the single currency would be called the ECU, however it was decided at the (Dec 1995) Madrid summit that it would be named the Euro. To join the Euro each country must meet fully the 'convergence criteria'. The Euro notes and coins were introduced in January 2992 to all 11-member countries and in July all local currencies were withdrawn from circulation. One of the four European Union countries that decided to 'opt out' of joining the Euro, was the UK. Remarkable for the past twenty years prior to 1999, the UK owned 28.9 per...
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