Title: The Success of the European Union - European Law Essays
Headings: The Success of the European Union
The Success of the European Union
Success of the EU

Content: The euro is not the currency of all EU Member States. Two countries (Denmark and the United Kingdom) agreed an ‘opt-out’ clause in the Treaty exempting them from participation. The euro was created because a single currency offers many advantages and benefits over the previous situation where each Member State had its own currency. Not only are fluctuation risks and exchange costs eliminated and the single market strengthened, but the euro also means closer co-operation among Member States for a stable currency and economy to the benefit of us all. The benefits of the euro are diverse and are felt on different scales, from individuals and businesses to whole economies. They include: •More choice and stable prices for consumers and citizens •Greater security and more opportunities for businesses and markets •Improved economic stability and growth •More integrated financial markets •A stronger presence for the EU in the global economy •A tangible sign of a European identity Many of these benefits are interconnected. For example, economic stability is good for a Member State’s economy as it allows the government to plan for the future. But economic stability also benefits businesses because it reduces uncertainty and encourages companies to invest. This, in turn, benefits citizens who see more employment and better-quality jobs.