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Economic and Monetary Union - Case Study Example

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Summary
The Economic and Monetary Union (EMU) in which some members of the European Union (EU) have joined, proposes great benefits and challenges for the European counties. Most of discussions have focused on the immediate issues, such as prospects for the euro and the possibility of expanding the euro-zone…
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Economic and Monetary Union
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Economic and Monetary Union

Download file to see previous pages... Euro is defined as a single European accounting currency and an official currency of the European Union. "The role of the euro as an international investment currency, anchor currency and reserve currency is inseparably associated with its internal stability" (Artis et al p. 10). Today, this is an official currency 15 Euro states and Eurozone. Euro was introduced in 1999, but practically launched only in 2002. Critics admit that: "the euro has a good chance of becoming a lastingly stable currency, respected by the markets and the population alike. Domestic stability is at the same time the best contribution the euro can make to a sound, viable and stable global financial system in which the financial market players can act in a spirit of responsibility" (Artis et al p. 10). The advent of a single European currency, alongside enlargement and the growing international role of the EU, as codified in the SEA, TEU and Amsterdam Treaty, gives rise to questions regarding the type of actor the EU constitutes for external partners at the start of the twenty-first century. In this respect, debates over the EU's future parallel some of those which preoccupy Japan in the postCold War world (Armstrong and Bulmer 32).
Britain is one of the European countries which does not join Euro and uses its national currency, the pound. The main disadvantage of this currency is financial instability and inflation. Many countries do not invest in Britain because of its monetary policies and the unstable exchange rates of the pound. Because of its current policies, Britain lost its influence in Europe and around the world. The search for a new way of conceptualizing power and international responsibility continues in Europe, within the framework of an international discourse that is already familiar to both (Barnard and Scott 88). This contemporary discourse is one in which previous questions of 'high' versus 'low' politics have to some extent been replaced by a debate over the types of issues that have to be confronted in this new international environment. Critics admit that joining the Euro will help the country to increase standards of living and maintain financial stability. For Britain, Europe is the largest market it deals with. Without a single stable currency, many companies cannot operate effectively in Europe. Economists admit that since 1999, Britain is in worst position because of different currencies and unstable exchange rates. If Britain does not join the Euro, it will suffer from economic crisis and decreasing standards of living (Barnard and Scott 98). The EU's attitude towards this kind of security debate leads to the promotion of international cooperation through preventive diplomacy, confidence-building measures, peacekeeping and the management of regional crises, which are all characteristic themes of civilian power discourse. However, despite the presence of 'neutral' states in Europe, the role of the military is seen to be fundamental to securing stability, and to actions that are consistent with political, economic and humanitarian aspects of European crisis management. If Britain joins the Euro, it will overcome economic crisis and improves its economic and political position in Europe and around the world (Balany' 43).
The main threat of joining Euro is possible economic crisis affected Europe. Europe economy is unstable influenced by ...Download file to see next pagesRead More
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