Why the UK Should Convert to the Euro

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Why the UK should convert to the euro

People have always wondered why the UK still uses the pound sterling. The UK, being a member of the European Union, should have converted to the euro by now. While the pound sterling gives the country its uniqueness and allows them to remember the history of their country, it does not have as many advantages as the euro. So, although the pound sterling allows the UK to remember the history of their country, the euro would prove more economically advantageous because of its international implications for trade and travel.

BACKGROUND INFORMATION

Pound Sterling. The pound sterling is the currency of the United Kingdom. The exchange rate for it is currently 0.60 pound sterling for 1 US dollar. A change occurred in 1971 that changed the way the pound was divided. Before 1971, it was divided into 20 shillings. Each shilling was then worth 12 pence. Overall, 1 pound was worth 240 pence. In 1971, they changed it so that it was divided into 100 pence instead (Pound Sterling).

History of the UK. The United Kingdom has always been a very powerful country in the world. At one point the British Empire had control over almost a quarter of the earth’s land. However, the country had a decline in the economy after World War II (Black). The war had a devastating effect on the country and its people. Many people had to change their careers from manufacturing jobs to service jobs (Black). It was a huge change for the country and its people.

European Union. The European Union is “a unique economic and political partnership between 28 European countries that together cover much of the continent” (Europa). The EU, as it is abbreviated, is essentially one group of European countries that have joined together, n...

... middle of paper ...

...vert to the euro. If not, the UK needs to decide if they want to convert to the euro, or leave the EU.

Works Cited

"euro" Encyclodpædia Britannica. 15th ed. 2010. Web.

"pound sterling." Encyclodpædia Britannica. 15th ed. 2010. Web.

"The Maastricht Treaty" Encyclopædia Britannica. 15th ed. Web.

Black, Jeremy. "Overview: Britain from 1945 onwards." BBC 3 Mar. 2011. Web.

Buiter, William. "WHY BRITAIN SHOULD JOIN THE EURO." 1 Aug. 2002. 8-13. Web.

Communications department of the European Commission. Europa. European Union. Web. 24 Mar. 2014. .

Rosenberg, Matt. About. About. Web. Apr. 7, 2014. .

Communications department of the European Commission. Europa. European Union. Web. Apr. 7, 2014. < http://ec.europa.eu/economy_finance/euro/why/business/index_en.htm>

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