scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 4,049
Since World War II Europe has been moving toward integration With the creation of the euro they have made a giant step toward uniting Europe for good The euro will have immediate benefits People traveling or simply shopping among participating European nations will immediately benefit from being able to compare prices for similar goods without needing a calculator Not only will the exchange rate become irrelevant but the costs of converting between currencies will also be eliminated Because of the savings related to currency conversions one-third of firms expect short-term earnings gains from the introduction of the euro and three-quarters expect long-term benefits to the bottom line The euro will make life easier for the people of Europe The Maastricht Treaty mentions EMU and refers to it together with the Single Market as one of the means by which the Union will promote economic and social progress that is balanced and sustainable The treaty refers to the irrevocable fixing of a single currency the ECU and a single monetary policy and exchange rate policy The first stage began on 1 July 1990 with the removal of exchange controls in 8 of the then 12 Member States the inclusion in principle of all currencies in the narrow band of the Exchange-Rate Mechanism ERM and measures to encourage convergence No new institutions were required The second stage began on 1 January 1994 with the newly created European Monetary Institute EMI based in Frankfurt gradually assuming a coordinating role Those countries that qualified undertook stage 3 of EMU in early 1999 At the beginning of Stage 3 the participating states adopted the irrevocably fixed rates at which the Euro was to be substituted for national currencies Stage 3 also entailed the creation of a European System of Central Banks ESCB composed of the European Central Bank ECB and representatives of the national central banks The value of the euro will be determined by
@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