Do you think that the United Kingdom should join the EMU, or remain outside the euro-zone? Justify your position. (Chapter 11)

-Strict APA 6th edition

-Thorough analysis

-at least 7 scholarly sources

-Please use correct grammar and APA references as well as a thorough analysis.

Regional integration is to a large extent a function of inherent interdependence

among economies, as well as, the need to promote harmonious coexistence. For

various economic, social and political reasons, countries appreciate the need and value

of cooperating with their neighbours in their development processes. Economically,

countries located in various regions of the world’s six continents have sought to

establish free regional markets and common currency zones by abolishing trade

barriers and unnecessary tariffs in order to encourage trade and free movement of labor

and capital. This task is a brief discussion on whether United Kingdom should join the

Economic and Monetary Union (EMU).

Should United Kingdom join the EMU, or remain outside the euro-zone?

The EMU refers to policies adopted by European countries aimed at bringing

together member economies of the European Union in order to allow them to embrace a

common currency, the euro. As a result, EMU is commonly known as eurozone (Roney

& Budd, 1998). Currently, majority of the European Union member states have already

adopted euro as their currency. However, United Kingdom together with Sweden and

Denmark has remained outside the euro since its official inauguration in 1 st January

1999 (Roney & Budd, 1998).

The question whether UK should join the EMU or not is a multifaceted decision

making issue. In my own opinion, UK should swallow her perpetual imperialistic pride

and see the benefits and a likely inevitability of joining the eurozone. Even though UK

has right to choose to join or not to join eurozone, time to join euro has finally come

UK and the EMU 3

(Wargitsch, 2007; Grauwe, 2007; Watts & Pilkington, 2005). After all, from an academic

point of view there are numerous benefits that UK can derive from joining the EMU, a

fact that is corroborated by views of leading British academic economists as an

interview conducted by The Economist magazine in 2006 demonstrate (Mankiw &

Taylor,2006).

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