Do you think that the United Kingdom should join the EMU, or remain outside the euro-zone?
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
-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 &
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