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Title: The Single European Currency: The Euro
Description: - History of the Euro - Difficulties in creating the single currency - Benefits of a single European Currency - Drawbacks of a single European Currency
Description: - History of the Euro - Difficulties in creating the single currency - Benefits of a single European Currency - Drawbacks of a single European Currency
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European Currency:
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History of the Euro: EU was established in 1957
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However, on the other hand, lord Crockfield, the
single market process creator vouched for MPR- mutual product recognition which is about
removind trade barriers between countries
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1971- gold backing from the US dollar was removed, collapse of Bretton woods system
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1971- snake in the tunnel mechanism failed
3
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1979- ems entered into force
5
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France and Germany opposed
Benefits:
1
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Lower risk
3
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Increasing Trade
5
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Macroeconomic stability
7
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Transparency
9
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Lower interest rates
11
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Lower costs
13
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Diversification in decisions
Drawbacks:
1
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Loss of autonomy
3
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Different business cycles
5
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Different budgetary deficits
7
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Cultural differences
9
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Cross border competition
11
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Interest rate instability
13
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Dirty floating
15
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No devaluation
17
Title: The Single European Currency: The Euro
Description: - History of the Euro - Difficulties in creating the single currency - Benefits of a single European Currency - Drawbacks of a single European Currency
Description: - History of the Euro - Difficulties in creating the single currency - Benefits of a single European Currency - Drawbacks of a single European Currency