The Debate on the Euro Advantages and Disadvantages

Advantages

Powerful world currency  With ongoing expansion of the EU, and of Eurozone countries in particular, the Euro is set to become an increasingly major world currency in the coming years

Strengthening of Europe as a union The very reasons for having a European Union in the first place are also reasons for making it stronger through a universal single currency

No commission charges for currency exchange The considerable money saved through no longer having to pay conversion charges could only benefit trade, tourism and general freedom of movement

Enabling comparison of prices in different EU countries With the same currency across the EU people would be encouraged to shop further afield for the best buys, which would lead to greater consistency and stability of prices.

Disadvantages

Represents a loss of sovereignty Having its own currency is one of the major marks of the sovereignty of a nation and losing the pound could mark a point of no return in terms of Britain’s independence as a nation

Loss of control of economy Economic decisions will increasingly be made in Frankfurt and Britain will be unable to make adjustments such as altering interest rates to the advantage of our own economy

Difficulty of introducing a new currency The adoption of a new currency is very expensive and complicated, and businesses have been known to take advantage of the confusion by hiking their prices

The pound is strong The pound is still a strong and internationally respected currency, and losing it would further diminish Britain’s voice internationally