What do you think would happen to the UK socioeconomically, if we were to adopt the Euro as the currency?

Answer 1

The economy would be in a bit of a mess initially until the Euro stabilised. It is the Americans that might get worried.

At the moment, most international trade is done in US dollars e.g oil is quoted at so many dollars per barrel.

If everyone started trading in the Euro the US economy would collapse overnight because of a thing called the petro-dollar.

The US relies on dollar trading to maintain its stability in the world markets, if this trading ceased then there would be no collateral in the dollar because no one would be exchanging their currency into dollars for international trade purposes which would make the currency worthless because there is so much of it in the world at the moment. Inflation in the US would spiral out of control.

So the sooner everyone starts trading internationally in the Euro instead of the dollar, the sooner Europe and the oil producing countries and especially the UK become prosperous again. In fact everyone would benefit except the USA.

This is why the yanks are very sensitive about oil reserves.

Answer 2

If the Euro is such a good option why are the countries that are in it suffer so much, And the countries that stayed out do so well. Look at France and Germany. They both used to be wealthy countries where the cost of living was not to bad. Then the euro came along and everything went up in price.
The euro is a great idea if all the countries involved had a similar standard to begin with but how can Po;land hope to be at a similar state to Germany. The country is falling apart and most of the workforce is on the train to the UK.
Stay out of it. before long it will collapse

Answer 3

push the cost of living sky high take Spain for an example a full English breakfast 200-250 pastos now 4 euro work it out 250 patoes £1 4 euro £2.80 housing taxes every thing goes up and don't forget prices dint run along side other country's they will be even higher so you will pay £52 for 200 regal while in Spain you will be paying £18-£20 that is what will happen ask any other country what has happened since joining the euro we need to be out of Europe asap Dave

Answer 4

The thing is, while we have our own currency, we have control over our economy. We can set base, interest rates, inflation, etc, for ourselves. Were we to adopt the Euro we would be having away control of a large part of our economy. Lets face it, would you trust the unelected bureaucrats in Brussels with our economy? While it's in the hands of our government we have some control over it by virtue of democracy, whereas the EU leadership isn't democratic, and should they be giving us a raw deal what the hell could we do about it? We wouldn't even be able to vote them out on our own.
One of the fundamental problems with the EU is it takes away power from the people of the individual countries, who instead of having complete control of themselves only have a smaller amount of control and some things controlled by people who they have no, or very very little, say in.
The last thing Britain needs is to hand away her independence. And with the worlds 4th largest economy and strongest currency, why would we need to anyway?

Answer 5

It is inevitable.
We may win or lose but we will join and in time it will become normal for us.
I remember when metrication of our currency took place.
It took the elderly a long time to get used to it.
I don't think our economy would suffer much.
Look at the gains.
All that money wasted in exchange commissions....all those cheaper goods. More profit for business and lower prices for consumers. Only the banks and money men would be against such a thing.

Answer 6

As far as know the arguments against joining are that our economy is historically out of sync with the rest of Europe which is partially why previous attempts at harmony have failed. (i.e. the ERM) The Uk has a higher rate of homeowners than the rest of Europe as well which means that any change in interest rates will affect us more so it would be hard to fine tune the macro economy if European interest rates are set centrally.

Answer 7

if we give up our pound first of all we give up the right to set hour own base rates then we would hand over our foreign currant reserves and gold over to European central bank then we would be capped on how much we can spend in public services the list can go on and noooooooooo it would not make use better Europeans Denmark and Sweden have not joined either and at the end of the day no British PM would enter with out a referendum lets be honest most Brits would say no

Answer 8

In the long term I think it would be good for the UK.
When the US loses its status as the largest economy in the world, its replacement will either be China or Europe.

I know where I'd rather be.

Answer 9

It would cause some upsets as people got used to however I think if would make exporting and importing a lot easier and would probably be of benefit to us in the long run

Answer 10

perhaps we would beome more European in our outlook and culture and less xenophobic than we are, as a nation now. I don't think adopting the Euro would be a bad thing in the long run, it may break us of our unholy alliance with the U.S if we felt we were financially linked with Europe.