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Britain’s involvement with Europe since the war has been very little. History may be about to repeat it self as in the case of the Single Currency �Euro, as Britain is very reluctant to join. In the past, referendum has shown that most people on the U.K are generally against the Euro but more recently this seems to be changing. More people are now moving in favour of the euro, although the majority are against it. Whilst most people in the UK see the joining of the Euro as giving up sovereignty and national identity, others see the Euro as bringing greater economic and political benefits such as monetary stability and lower transaction cost etc.
The rest of this essay evaluates the relative advantage of joining the Euro. The argument for and against the euro is divided into political and economic.
The first economic benefit that is usually cited is the elimination of the transaction cost. This is the cost associated with having to deal with separate currencies. This is a main advantage because saving on transactional cost has been estimated to be worth an extra 0.1% of GDP. The joining of the Euro removes the uncertainty arising from the floating exchange rate. This will make U.K exports less expensive to euro zone because will be no additional cost in buying the pound. Joining the Euro means that exchange rates which originally increases cost will be abolished. This will have the same effect as cut in prices stimulating trade. Apart from this, the removal of transactional cost also has another effect. It will increase investment between member countries since the traditional reluctance of many investors to move their money into a currency other than their own is no longer a factor. Business in the U.K will therefore be able to attract other businesses across the continent, which increases competition. In short, the Euro therefore opens up market of members and links them to one currency.
Another economic advantage of joining the Euro is the increased trade competition. All exports from Europe are priced the same currency. This makes it easier for companies to see price differences across borders ultimately increasing competition between companies. This has the advantage of creating competition between countries and perhaps for existing monopolies. For example with borders open up between Euro zone countries, the traditional telecom monopolies that plague most European countries and could open up to include foreign competition as network expands across borders. This will ultimately lead to lower prices and better value for consumers.
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A further advantage of the euro is the fact that it will cause prices to be greatly reduces. At the moment Great Britain has been given the name “rip off Britain”. The Euro will allow trading to take place much easier with out the need for any exchange rates and currency commission. Easier trading will mean that some countries can specialise in one good or service whilst other countries specialize in others. This would mean that goods will be available to consume at a lower price and lower prices mean that people have more money to spend on other goods and services. In effect there is a higher standard of living. Also goods will be able to be transported for free between countries, So, by joining the euro, there will be more trade available and therefore a wide choice of goods and services to choose from.
The euro will also provide greater stability if the U.K is to join it. The euro provides Stability for importer and exporter. At present they are vulnerable to moment in the exchange rate, so that a rise in the pound’s value will make exports dearer and pose an inflation risk.
If the exchange rate is variable however, then exporter and importers face uncertainty. For example if the pound falls against the marks then imports suddenly gets expensive. On the other hand an appreciation in the pound makes U.K dearer making it harder to sell abroad, unless that U.K inflation has fallen relative to abroad. A fixed rate is argued, takes a lot of risk of importing and exporting and therefore trade is encourages.
Having mentioned the economic benefits of the Euro it is also worth noting the political benefit of the euro. If the UK joins the Euro in time it could become part of a major economic zone in the world. Collectively the countries involved could then have more when negotiating for example world agreement than they ever will individually. If Britain is not a part of the euro she will not be part of a powerful voice and she will be politically marginalized
Therefore swapping the Pound for the Euro is by no means surrendering our economic and political independence. The above convey a rather positive view of the joining the Euro. But on the other hand there are various reasons why some people still believe that joining the Euro is a very bad idea.
Firstly there is a moral aspect for this argument. The loss of our own currency could be a loss of our heritage, our independent and our freedom. Many people do not want to see the queens’ face banished from the coins to be replaced by something unfamiliar and European.
Secondly, a disadvantage of joining the Euro is Loss of monetary policy. Britain is currently enjoying stability and sustained economic growth. This has only been achieved because we have been able to adopt the economic policies appropriate for her circumstance in particular setting exchange rates. By joining the Euro Britain will loss the ability to set her own interest rate. It also removes the ability to react to economic circumstances at a national level as all interest rates and policies will be taken by made by the European central Bank. Interest rate may rise when a particular domestic government wants them to fall. Added to this, is also the loss of option to devalue the domestic currency to provide short-term boost to international competitiveness. This may cause political problem.
A third economic disadvantage of the euro is the fact that there may be transition cost. There will be various costs to Britain as it transfers form Pounds to Euro. This will include the cost of making new price list, changing vending machines parking display meters etc. Banks in the UK will need to spend at least £00m converting to the new currency.
A political disadvantage of staying out of the Euro is that Britain will be excluded in the new Euro council of finance of ministers. The U.K will then lose whatever influence it still has on policies of the European union.
Having analysed the advantages and disadvantages of the euro I conclude that it is more beneficial to join than to abstain. I think the first step is to educate the public on the economic and political benefits of joining the Euro.
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