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The Euro Crisis: Euro vs. Non-Euro countries (e.g. Belgium vs. UK) : Implications for Business and US Marketers - Research Paper Example

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The Euro Crisis: Euro vs. Non-Euro Countries (E.G. Belgium vs. UK) – Implications for Business and US Marketers Table of Contents Overview 3 Euro versus Non-Euro Nations 4 Pound versus Euro 5 Comparison of the Performances of the UK’s and Belgium’s Economy 6 Euro Crisis 7 Implication of the Euro Crisis on the United States 9 Works Cited 11 Overview The European Union (EU) is an exclusive partnership on the basis of economy and politics in between 27 countries of Europe…
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The Euro Crisis: Euro vs. Non-Euro countries (e.g. Belgium vs. UK) : Implications for Business and US Marketers
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"The Euro Crisis: Euro vs. Non-Euro countries (e.g. Belgium vs. UK) : Implications for Business and US Marketers"

Download file to see previous pages The EU was formed after the Second World War to promote cooperation on economic grounds amongst the European countries. The idea was that the nations which conduct business with one another are reliant on each other economically and a formation of a union amid them will consequently avoid clashes and disagreement amongst themselves (Europa, “Basic Information on the European Union”). In the year 1951, six European nations viz. Belgium, France, Germany, Italy, Luxembourg and Netherlands signed an agreement to unite their industries in the coal and steel sector, so that there would not be any difference between them in future. After six years they made a deal of ‘Treaty of Rome’ by forming the European Economic Community with the idea of forming a common single market, the community later came to be recognized as the European Union (Europa, “Historical Overview”). Over the years, many other European nations joined the EU and presently there are 27 EU member nations. The 27 member countries of this union are Austria, Bulgaria, Belgium, Cyprus, Czech Republic, Denmark, Finland, Estonia, Germany, France, Greece, Hungary, Ireland, Italy, Latvia, Luxembourg, Lithuania, Malta, Netherlands, Poland, Romania, Portugal, Slovakia, Slovenia, Sweden, Spain and the United Kingdom. The countries who have requested for membership of the European Union are Croatia, Former Yugoslav Republic of Macedonia, Iceland, Montenegro and Turkey (Europa, “Countries”). Euro versus Non-Euro Nations The Union has brought about around 50 years of harmony, stability and opulence in Europe. It has also helped to elevate the standards of livelihood in the region. One of their most important contributions is the commencement of a single currency for the whole of Europe. The euro is the common currency used in 17 of the EU nations called the Euro zone and is a concrete proof of European amalgamation. It was launched on January 1999 as an implicit currency but the ‘notes and coins’ were commenced on January 2002. The sole currency system has many benefits like eradication of exchange rate fluctuations and the exchange cost. It helps in maintaining the economic stability resulting in low interest rates and also helps business firms to perform cross border dealings easily (Europa, “Money and the EU”). Nevertheless, the UK and Denmark are two EU member nations who did not adopt Euro as their currency. The United Kingdom did not opt for Euro owing to economic, social and political hurdles. In the economic context, the UK economy is not in alignment with European economic cycle, it being the only oil economy in Europe. Additionally, the British financial system is unlike that of the European Continent. Moreover, the UK does not have an elevated extent of interdependence with the other EU nations in terms of trade. In the social and political perspective, the British citizens are unwilling to adopt Euro because of fear of identity loss and the expected economic collapse of the Euro (Layard & Et. Al., “ ...Download file to see next pagesRead More
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