Discuss The Significance Of The Birth Of The Euro. Would You Value It As A Benefactor Or Malefactor For European Countries' Economy? Use Examples To Support Your Argument.

6880 words - 28 pages

Question 1: Discuss the significance of the birth of the euro. Would you value it as a benefactor or malefactor for European countries' economy? Use examples to support your argument.IntroductionSince the Roman Empire has a good part of Europe had the same currency, there were 19 centuries have past. However, at the end of 20th century, the euro was born as the currency of the newly formed European Economic and Monetary Union (EMU). As a consequence, the birth of euro had its special significance to the EMU - European single market and Europeans. With aspect to the recent study and research, the significances of the birth of euro not only has advantages but also had disadvantages to European. This essay will first discuss the significance of the birth of the euro with focusing on different parts of the European economy. Then, it will use current and relative examples, especially persuasive data from specific EMU members to draw an argument about value the euro as a benefactor as well as a malefactor for European countries' economy.Significances and AdvantagesFundamentally, the birth of euro can be considered as a signal to the whole Europe, which contains procedures - harmonization, convergence and integration (Solomon, 1999). The following five aspects can be the most important parts of the euro to achieve and develop European market.Macroeconomic StabilityIn order to control government expenditure and make a big effort to build a healthy and stable economic environment, the euro will push the European countries to reorganise and strictly manage their public finance. Under the standards of Budget Deficit and Public Debt with other three convergence criteria in the Maastricht Treaty, countries apply to join the EU are required to have annual budget deficits not exceeding 3% of gross domestic product (GDP), public debt under 60% of GDP (THE MAASTRICHT TREATY, 1992). Once the countries join the EMU, they must obey the above requirements, and cannot act against the requirements. For the purpose of participating in the common currency, Italy's budgetary deficit was equivalent to 11.1% of GDP in 1990, which was rapidly declined to 3.9% of GDP in 1993. At the end of 1997, after making a great effort, France reduced its budget deficit under 3% of GDP. At the same time, the budget deficit of EU was also declined from 6.2% in 1993 to 2.4% in 1999 (Love and O'Brien, 2002). The positive effect of Euro on inflation is also significant. During the 1990s, in order to enter the Euro-zone, there has been substantial convergence in inflation rates across EU Members as convergence towards price stability was directly or indirectly required by the Maastricht Treaty (Katsimi, 2004). As it can be seen in the Chart 1, there was a significant decrease of the average inflation in EU-15, which declined from 5.6% in 1991 to 1.2% in 1999 (Eknomifakta, 2008). In the Chart 2, after the Euro came into existence in 1999, the inflation in France was only 0.6% in 1999 and 1.8%...

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