The United Kingdom’s continuing decision to forgo the adoption of the euro and the joining the European Monetary Union (EMU), has led to a great deal of debate on whether the country and the European Union (EU) has benefited or has been damaged by failing to recognize potential returns. According to Carbaugh (2015), the European policymakers’ goal in the formation of the EMU was intended to create convergence throughout each countries’ currency mechanisms, allowing factors such as price stability, interest rates, exchange rates and public finances to be uniform. Although supporters for either side contend that each parties’ current and potential economic returns are more advantageous compared to the other, each group also maintains their opponent’s logic is flawed and continues to hinder the country’s ability to recognize their desired economic state. Despite these conflicting viewpoints, the UK’s decision has impacted economic factors such as trade, currency stability, and investment opportunities. Additionally, a growing debate on whether or not the United Kingdom should separate for the European Union all together has ignited, where Liberal Democrats remain pro-EU and Republicans are insisting for either an exit or enhanced authority in economic policies without fully integrating (Gamble, 2012). Highlighted in the subsequent paragraphs are how both the benefits (supported by liberal viewpoints) and drawbacks (Republican) of the United Kingdom’s decision to retain their individual currency system affected their economy, other economies within the European Union, and how the shape the arguments for future membership.
As members of the early European Union, countries flourished due to a lack...
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...ments into the UK because of the reduced ability to accurately forecast future profitability (Layard et al., 2002). In doing so, the country will become more of an open market, which will allow them to realize improved welfare for their citizens, just as Germany and France we able to experience (Layard et al., 2002). However, the UK was able to accelerate their recovery from the economic downturn due to their ability to alter their currency, which represents the most significant benefit of their current monetary policy (Investopedia, 2015). It remains to be seen whether or not Britain’s current politicians can improve relations within the European Union without sacrificing their monetary policies. Regardless, the benefits and drawbacks discussed in the previous paragraphs remain key arguments for both political parties and could mirror the possible future outcomes.
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