Changes

==Non-participant members==

==Non-participant members==

In the [[United Kingdom]] the currency is still the [[pound]], but before the Eurozone crisis there was pressure to convert to the Euro that is used throughout Europe. The [[UK]] and [[Denmark]] are the only European Union member states with an 'opt-out' (allowing them to select not to join the common currency despite meeting the criteria). In addition to the four criteria of entry set out in the [[Maastricht Treaty]] the Chancellor of the Exchequer laid out 5 economic tests the United Kingdom must meet to join; at the last report it had met one, with three others dependent on the final condition which had not been met. Many [[conservative]]s in the UK ([[Tories]]) resist conversion to the European currency because a reliance on a common currency represents a loss in [[sovereignty]] and control. In particular, there is fear that joining the synchronized EU policy may result in sub-optimal interest rates in difficult periods.<ref name="ec.europa.eu">http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm</ref>

In the [[United Kingdom]] the currency is still the [[pound]], but before the Eurozone crisis there was pressure to convert to the Euro that is used throughout Europe. The [[UK]] and [[Denmark]] are the only European Union member states with an 'opt-out' (allowing them to select not to join the common currency despite meeting the criteria). In addition to the four criteria of entry set out in the [[Maastricht Treaty]] the Chancellor of the Exchequer laid out 5 economic tests the United Kingdom must meet to join; at the last report it had met one, with three others dependent on the final condition which had not been met. Many [[conservative]]s in the UK ([[Tories]]) resist conversion to the European currency because a reliance on a common currency represents a loss in [[sovereignty]] and control. In particular, there is fear that joining the synchronized EU policy may result in sub-optimal interest rates in difficult periods.<ref name="ec.europa.eu"/>

==Value==

==Value==

Initially the value of the euro fell on the exchange markets, while many expected it to do the opposite. However it has strengthened in the years since, partly due to the falling value of the dollar. The ECB is charged with maintaining the inflation rate in the Eurozone between 0 and 2%.

Initially the value of the euro fell on the exchange markets, while many expected it to do the opposite. However it has strengthened in the years since, partly due to the falling value of the dollar. The ECB is charged with maintaining the inflation rate in the Eurozone between 0 and 2%.

By the end of 2006, after about five years of the euro, a French magazine Le Pèlerin reported that 52% of the [[French]] feel that the euro is a "bad thing", blaming it for price hikes and [[job loss]]es. 71% of French [[blue-collar workers]] said that euro has hurt them personally.<ref>[http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/12/28/cneuro28.xml  French hostility to euro begins to gather pace], The Telegraph, 27 December, 2006</ref>

By the end of 2006, after about five years of the euro, a French magazine Le Pèlerin reported that 52% of the [[French]] feel that the euro is a "bad thing", blaming it for price hikes and [[job loss]]es. 71% of French [[blue-collar workers]] said that euro has hurt them personally.<ref>[http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/12/28/cneuro28.xml  French hostility to euro begins to gather pace], The Telegraph, 27 December 2006</ref>

As of January 2012, the euro is worth approximately [[US]]$1.27 and GB£0.82.<ref>http://www.xe.com/</ref>

As of January 2012, the euro is worth approximately [[US]]$1.27 and GB£0.82.<ref>http://www.xe.com/</ref>

== See Also ==

== See also ==

*[[Eurozone Crisis]]

*[[Eurozone Crisis]]