European Monetary Union and United Kingdom
This exchange of power from Britain's central government to the European Central Bank projects another disadvantage to joining the EMU. Euro sceptics believe that joining the Euro will take away national sovereignty. Having a foreign central bank decide on the policies of the economy diminishes the United Kingdom's identity. The people of the United Kingdom will not be able to decide the future of their economy, it will be in the hands of the European Central Bank. Some politicians, especially in the United Kingdom, warn that the introduction of a single currency could eventually lead to the end of the nation state.
As we have seen the ultimate steps towards the total integration of Europe as a trading block would be through monetary union and a single currency. The advantages would be currency stability, a common currency, removal of barriers to trade between Britain and the EMU and economic growth. The disadvantages, however, are the loss of soveriegnity and transition costs. Britain would no longer have control over certain aspects of its economy. In summary, Britain would reap many economic benefits by joining the European Monetary Union and bring stability and prosperity to its country.
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