Changes

In the United Kingdom the currency is still the [[pound]], but there is pressure to convert to the euro that is used throughout Europe.  As of 2007 the United Kingdom and Denmark are the only European Union member countries 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 tests Many conservatives in England ([[Tories]])resist conversion to the European currency because a reliance on someone else's currency represents a loss in sovereignty and control. For exactly the same reason, English socialists tend to reject the euro as well. In particular, there is fear of England becoming dependent on the fiscal policies of the larger combination of Germany, Italy, and France.

In the United Kingdom the currency is still the [[pound]], but there is pressure to convert to the euro that is used throughout Europe.  As of 2007 the United Kingdom and Denmark are the only European Union member countries 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 tests Many conservatives in England ([[Tories]])resist conversion to the European currency because a reliance on someone else's currency represents a loss in sovereignty and control. For exactly the same reason, English socialists tend to reject the euro as well. In particular, there is fear of England becoming dependent on the fiscal policies of the larger combination of Germany, Italy, and France.

 

Initially the value of the Euro fell on the exchange markets, while many expected it to do the opposite.  However it has strengthed of recent times 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 strengthed of recent times 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%.