All other eu countries must adopt the euro once they meet certain criteria these now include hungary, sweden, bulgaria, croatia, the czech republic, poland, and romania while the single currency euro system has offered great advantages to the 19 member nations of the eurozone, the economic crisis of 2008 and the ensuing european debt crisis has changed the attractiveness of the eurozone. Should the uk adopt the euro currency if we had been in the euro currency then now we would be out of the financial mess we are in for the next 5 years follow.
12 reasons for joining the euro may 1, 2004 12:00 am by chris huhne mep (now mp) chris huhne mep, (now mp) sets out twelve reasons why britain should adopt the euro. “for example, if the euro economy recovers before the uk economy, interest rates may increase too quickly and harm the uk’s recovery” but the uk would be in the euro economy so the argument is silly. Benefits of the euro the euro is the single european countries adopted by 18/28 eu countries (though not the uk) it is the second largest reserve currency in the world, after the us dollar euro notes and coins came into circulation on january 1st, 2002 benefits of the european union should the uk join the euro.
The euro is the official currency for most of the member states of the european union the geographic and economic region that uses the euro is known as the eurozone proponents of the euro believe that adopting a single currency over the european economic system reduces the exchange-rate risk to businesses, investors and financial institutions. There are three reasons why the uk can never join the euro they are ireland, cyprus and iceland ireland the irish financial crisis saw the near-failure of its entire banking sector ireland bailed out its banks, partly at the behest of the european union, which was concerned that irish bank failures would destabilize the european banking system.
Read the pros and cons of the debate the uk should adopt the euro.
What counts fundamentally to whether the uk stays in the eu after about 2020 is whether there are any non-euro members of the eu at all, given the existential economic necessity of the eurozone forming into a deeper political union.
The uk should join the euro, and it should join it soon this might sound surprising after all, the euro has been considered doomed many times by uk media so was the eu in the 1992 crisis but, as the unfolding events are showing, it was not the euro that was flawed, but the lack of a unified fiscal policy within the eurozone. Thirdly, the recession is not because of the euro itself, rather the interest rates set by germany overheated the smaller economies by lending out vast sums to them inflation of the euro this year was 04%, below the eu target, with plans to raise this to around 1% next year.