scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,115
On January 1 1999 eleven Austria Belgium Finland France Germany Ireland Italy Luxumbourg the Netherlands Portugal and Spain out of the fifteen European countries that make up the European UnionEU formed the Economic and Monetary UnionEMU and began using a common currency the euro Greece joined as of January 1 2001 The remaining three countries Denmark Sweden and the United Kingdom have yet to join the EMU either because they do not meet the criteria set in the Maastrict Treatythe agreement establishing the European Union and the economic requirements for admission in the the Economic and Monetary Union or because they believe that the EMUs costs outweighs the benefits The use of the euro currency will unite the existing member states creating a European super nation this will have an effect on individuals businesses economies and governments Before Britain adapts the Euro currency the following five criteria must be satisfied The budget deficit has to be less than 3 of Gross Domestic Product The governments total debt has to be less than 60 of Gross Domestic Product Inflation has to be less than 15 higher than the average of the lowest inflation countries Exchange rates should be stable Long term interest rates must be within 2 of the three lowest interest rates in EU On June 9 2003 the United Kingdom Government published the assessment of five economic tests which include convergence flexibility investment UK Financial services industry and the effect on employment The first condition would require the convergence of the UK economy with that of Europes so that the UK would be able to live comfortably with the interest rates set by the European Central Bank on a permanent basis The second condition will verify whether there is enough flexibility to adjust to change and to unexpected economic events once their ability to vary interest rates and exchange rates has diminished The third assessment will prove whether joining the single currency would
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA