Essay about The Adoption of the Euro Case: Sweden and England

Essay about The Adoption of the Euro Case: Sweden and England

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Europe consists of several sovereign countries which use their own currency prior to the creation of the European Union in 1993. The EU has been built through several binding treaties and laws that harmonize European states when it comes to political issues and economic issues. It was until the Maastricht Treaty of 1999 that established a single currency known as the euro. The euro’s purpose is to have a single currency in Europe, similar to a single currency in the United States. Since Europe’s countries are closely tied together, the goal of the currency is to trade easier with one another, as well as sharing fiscal and exchange rates. Currently, there are roughly about 17 members from the EU who uses the euro as their currency and it is known that once a country joins the Union, it must quickly adopt to use the euro to enter the market for goods, services, and trade among member states. This adoption of a single currency has been the talk for a decade as well as in literature and scholarly articles. Throughout the course of this paper, it would look at two countries that refuse to adopt the euro: Sweden and the United Kingdom. The paper would answer questions that surround the euro ever since it was created, such as national identity issues of both countries, how it affects political leadership, and the economic costs and benefits of adopting the euro. Ultimately, it would answer a research topic whether the euro will overall rise or fall in Europe.
Many scholars find the adoption of euro as a mean of saving their economic growth. Others often perceive it as an easy road for facilitating trade and secure their bank’s assets. However, there are other scholars whose ideas and perceptions differ from them. Some academics and eco...

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...the economies of all other Eurozone member states are running smoothly.
The Euro has always been a political project. Politicians view the Euro as a major step towards a United States of Europe. Europe is not trying to turn itself into another country like the United States. The euro means a lot more to Europe than just money. It represents a political union from neighboring states, as well as partnership for the future. The countries who adopted the euro gave up their sovereignty and heritage to become part of the EU, which makes them more united and stronger. However, it is also not certain whether the euro will stay strong like the Japanese yen and the U.S. dollar. Both Sweden and the UK are members of the EU, but decided to opt out of the euro. Only time will tell whether these countries made the correct decision from alienating their selves out of the Eurozone.

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