Essay: Possibility of UK Adopting Euro

21 Oct

Essay: Possibility of UK Adopting Euro

Sample Essay

The bitter truth that should be known is the fact that, once theUKadopts euro and abolishes pound, theBritaingovernment will surrender  its effective control ofUKeconomy and Central Bank ofEnglandto be replaced by ECB (Fredrick 2005). In this scenario the ECB will be in charge of controlling the economic and policies in relation to monetary issues.

Under this umbrella of thought theUKis likely to suffer from centrally distributed policies which may not be valid, flexible and a reflection of realities on the ground. This will hamper, disableBritainindependence and sovereignty independency if it can not control her economy. Hence it renders UK difficult to make adjustments and to make choices about public budgeting, taxation, and finances (Wilson 2006: 265).

The plain facts stand in tour way today in case of joining denouncing the single currency possibility within the EU. This is in terms of lack of re-distributive budgets to fund underperforming nations or UK if it falls in that line, there are no homogenous living standards across Europe and lastly both skilled and unskilled labours cannot move or diffuse in order to transfer of develop ideas in the region easily and freely due to market rigidities, (Alexandra 1998) custom, and language barriers. Lastly is the companion record of events of humanity in this earth: history.

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