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Business Economics for Management 1Scenario European Economic and monetary union involves the complete economic and financial It would not be just a common market but a market with a single currency a single Central Bank and a single monetary policy This European Monetary union would be like the current British monetary union The economic union of England Scotland Wales and Northern Ireland 11Introduction In this assignment my group and I will be discussing about the European Union that how it will effect Britain joining the European In the Europe single currency on its monetary fiscal and other economic polices In my group we have Robert Harper which he will be covering the European single currency we also have karmjit Kalla which she will be covering the Monetary Also we have Pritpal lall which he will cover the Fiscal side to it and myself Ricky Bhardwaj will be covering the other economic policies This assignment we learnt a lot about the European Union it was interesting 13European Single Currency The current situation in Europe and that effecting the members of the EU European Union is one of unbalance The Maastricht Treaty envisaged the creation of a European Central Bank ECB It also laid down a set criteria for countries to fulfil before they could join the single currency There were four key points that the main players of the treaty stressed were the vital characteristics that potential candidates must to be considered for entry Price stability in effect this means controlled inflation The perspective country must for at least one year have had an inflation rate no more than 15 above the average of a most the three best performers already existing within the Union This is because a union such as the EU would require its members to be of similar economic importance If a candidates inflation rate exceeded the 15 precedent set it would harm the way that the
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