The Adoption of the Euro Case: Sweden and England

Europe consists of several sovereign nations which used their own currency before the EU was established in 1993. Regarding political and economic issues, the EU has been established through numerous binding agreements and laws that coordinate the European countries. Until 1999, the Maastricht Treaty enacted a single currency called the euro. The purpose of the euro is to use a single currency in Europe as well as a single currency in the United States. As the European countries are closely tied, the purpose of money is to facilitate dealings with each other and share finances and exchange rates.

Cyprus, Malta, Slovakia, Slovenia have recently joined the region, other states such as Monaco, San Marino, Vatican unilaterally adopted the euro as the only currency, Sweden, Iceland, Denmark and the UK refuse to join Despite the adoption of the euro after the global financial crisis, the desirability was discussed (Carney, 2014). The impact on the scale's currency union tends to be more open to nominal rigidity for small countries and it will be a better candidate for currency alliance (Mckinnon, 1963). The influence of diversification of the economy leads to a reduction of asymmetric shock, thereby reducing the benefits of national monetary policy.

Among the EU member countries that do not use the euro (Denmark, UK, Sweden) the most noteworthy possibility is Britain, I continue to believe that it is more or less distant from Europe. Nonetheless, Prime Minister Tony Blair announced plans to consider adopting the euro between 2002 and 2005. In all three countries, people are extremely worried that giving up their own currency will give up too much independence. Greece does not meet the economic conditions necessary for accession and hopes to adopt the euro before 2001. Euro coins and banknotes began to flow in January 2002 and the local currency will start circulating in July of that year.

The three Scandinavian countries of Sweden, Denmark and Norway hold their local currency, not joining the euro area. The UK has maintained a pound and, of course, it "excludes" the EU. Finland adopted the euro. Therefore, travelers crossing this area need to use 5 currencies. When I started traveling, I was ready to return to trouble I remembered with many business trips to Europe until 1999: to change the currency of each airport and pay when I get in a taxi I tried to calculate the required amount. In order to change the currency, Finland will be paid in Euros purchased in Swedish Krona. I work in the east and exchange money in various countries so I will buy it in pounds.