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Currency is a unit of exchange which makes the transfer of goods and services possible It is a form of money Each country or region has a currency zone which is where a specific currency is the main standard of exchange To make trade between zones easier exchange rates are created to set prices at which currencies can be exchanged against one another httpenwikipediaorg The pound sterling is the official currency of the United Kingdom and the euro is the official currency for twelve European Union member states Austria Belgium Finland France Germany Greece Ireland Italy Luxembourg the Netherlands Portugal and Spain httpenwikipediaorg As a member of the European Union the United Kingdom has the option of adopting the euro as its currency By not adopting the euro as its currency Britain has monopoly control over its own currency As John Maynard Keynes put it He who controls the currency controls the country httpwwwfreebritaincouk The twelve member countries of the European Monetary Union that have accepted the euro have ceded control of monetary policy to the European Central Bank which means that they have no control of the currency httpenwikipediaorg The United Kingdom along with Denmark is unique to the European Union because it is an opt-out from entry to the euro This means that every other EU nation except for the United Kingdom and Denmark must eventually sign up The United Kingdom is not the only member of the European Union that has not accepted the euro Denmark and Sweden are two prime examples that show that not everyone wished to change to the euro Sweden has indefinitely delayed converting to the euro by refusing to join the European exchange rate mechanism II Denmark nor the United Kingdom will ever have to worry about being forced to convert to the euro because of the Maastricht Treaty which gave them an exemption clause or opt-out from the third stage
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