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Benefits of European Single Currency - Essay Example

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The paper "Benefits of European Single Currency" describes that Euro has become the second most widely traded currency and all this has happened within no time. The popularity of the Euro has touched a new level. The Japanese Yen and the pound are trying to catch Euro…
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Benefits of European Single Currency
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Download file to see previous pages The introduction of Euro in the year 1999 signaled the economic integration of the European countries. Prior to its launch there were ambiguities but after the launch all the issues quickly disappeared and Euro within no time became a favorite among the citizens residing in European Countries. Roughly around 320 million European citizens use the currency and find it really amazing and beneficial in more ways than one. Euro is used in almost all the European Countries but there are still exceptions like Denmark and United Kingdom who still use their own currencies, the British pound is used in United Kingdom and the DKK better known as the Danish Krone is used in Denmark. One of the biggest advantages of Euro is that it saves a lot of time and effort of the travelers who choose to travel with Europe. For instance if there is a Soccer game in Spain which a Greek citizen wants to witness, he/she can just straight away catch a flight and reach the Soccer stadium in Spain and watch the game. There is no need to covert the currency into some other currency. The same has resulted in saving a lot of time and effort of the European Citizens. This was not the case prior to the introduction of Euro. The people had to exchange money every now and then to meet their demands but after the introduction things have changed for better.
Another major advantage is the clarity in prices whenever an European citizen travels to another European country it becomes very easy to compare and buy the products of his/her choice; this facility was not available to the citizens prior to the launch of the Euro. Earlier even if a Tourist wanted to buy a product desperately, he/she was made to think thrice about it because of the different currencies within Europe but these days there is transparency in prices with regard to the currencies and this has only happened because of the introduction of the Euro. Euro has brought in a lot of Economic and financial stability, a Businessman is much less prone to risk when using Euro as his/her currency. Single currency keeps the inflation rate under a good check, which is extremely important for an economy and the Euro does exactly that. It keeps interest rates and the rate of inflation under check hence it can be said that the Euro plays a pivotal role in maintaining the economic growth of the European nations.
"Having a single currency and an economic and monetary union strengthens Europe's role in international fora and organizations like the International Monetary Fund, World Bank, and Organization for Economic Co-operation and Development." (The Euro & You, 20 October 2008). Euro strengthens the position of all the European countries, having a single currency helps a lot in the growth of the country and in this particular case Europe on the whole. Euro is very frequently used in international trade; it has very quickly become a part and parcel of the lives of many businessmen who carry out trade at large scales. Countries also have started using Euro as the currency for International trade. "A single currency makes Europe a strong partner to trade with and facilitates access to a genuine single market for foreign companies, who will benefit from lower costs of doing business in Europe." (The Euro & You, 20 October 2008). ...Download file to see next pagesRead More
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