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"Britain wasn't the world's fastest growing major economy, but it outpaced the rest of Europe," A. Kaletsky in The Times, 24th December 2002 - Is this sufficient justification for the UK to resist a switch to the Euro?
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Question: "Britain wasn't the world's fastest growing major economy, but it outpaced the rest of Europe," A. Kaletsky in The Times, 24th December 2002. Is this sufficient justification for the UK to resist a switch to the Euro? Consider the impact of your answer on UK firms and the economy as a whole. Of the European Union's fifteen member states, three-Sweden, Denmark and the UK-have not adopted the euro. As with the UK firms and all important large-scale economic decisions there are many advantages and disadvantages to the UK of joining the Euro and therefore the important conclusion to come to is whether it is sufficient justification for the UK to resist a switch to the Euro. People argue that joining the Euro would reduce transaction costs for traders, with savings estimated at around £2 billion annually(www.staruk.org.uk). These savings come from not having to pay commission or maintain hedge funds to guard against...
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