Reasons for Adopting the Euro

There are many reasons that the UK may wish to join the euro for the euro, but the reasons for opposing it are not the same. It is the responsibility of the government and the people to decide whether to accept this. One of the reasons the UK has joined the euro area is that it promotes competition among organizations. This improves the quality of products and services and improves the efficiency of the organization. Competition will always promote economic development and as the euro unites the European countries further markets will open for various businesses.

The second reason the UK should not adopt the euro is because it is economically meaningless. "The fact that the UK's economy is fundamentally different from the mainland's economy remains unchanged" (Holmes 186). The UK has expressed interest in free trade and the world economy for a long time but other European countries still have protected markets within the EU and are trying to protect them publicly. The reason why the UK joined the European Economic Community in 1973 is due to the involvement of the free market. They did not know that they were exporting from Europe after importing more yet. Contrary to other parts of the world, the reverse is true. In fact, "As the promotion of Europe's" social model "shows," Mercantilist philosophy still dominates the economic thought of the African continent "(Holmes 187). Britain can not compare with Europe, it pays much less tax, is more privatized, and in other parts of Europe it has different labor policy.

As a member of the European Union, the UK can choose to use the euro as its currency. Because the euro is not used as a currency, the UK exclusively dominates its own currency. As John Maynard Keynes said, "people dominating the currency dominate the country" (http://www.freebritain.co.uk/). Twelve member countries of the European Monetary Union accepted the euro and gave the European Central Bank the control over monetary policy. In short, they can not control the currency (http://en.wikipedia.org/). Like Denmark, the UK is unique to the European Union. Because it is an option to enter from the euro area. This means that all EU Member States except UK and Denmark need to finally sign.