The European Union is a fiscal and personal grouping of 28 member-states in European countries that forms a common market. The market includes a population of around 509 million people who have a DGP of $16. 69 trillion (2012) accounting for 23% of global GROSS DOMESTIC PRODUCT and twenty percent of the world's imports and exports (EU, 2013). The union has its origins in 1958 through its predecessor Western european Economic Community which experienced six people (EU 2014). The current brand was designed in 93 and ever since membership has grown to include countries that were previously viewed as non-European such as Poultry. In 1999, the union proven the Eurozone as a economic zone and was passed in 2002 with the foreign currency of choice called as the Euro. Of the 28 EUROPEAN UNION members, 18 members belong to Eurozone. The European Central Bank (ECB) was established to manage the money as a acknowledged legal tender available in the market (EU, 2014, ). This move to get a single currency brought with it a few benefits and costs to individual countries with some shedding and others getting as determined by relevant literature around the topic.
The move to have one common currency within a common marketplace eliminates the costs of currency conversion and fluctuation of prices owing to nominal exchange level fluctuations. Variations in currencies had been noted among the most prominent hindrances to control. Economist John Stuart Mill even once observed that
"So much of barbarism, however , even now remains inside the transactions of the very civilized countries, that nearly all independent countries choose to state their nationality by having, to their own inconvenience and that with their neighbors, a peculiar money of their own" Angyal 109).
The go on to have the Euro was therefore intended to treat this barbari...
... additional gimmick?
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