Title: Advantages & disadvantages of single currencies
Headings: 
Advantages & disadvantages of single currencies
Advantages & disadvantages of single currencies / monetary integration
Arguments for a single currency
Arguments against a single currency

Content: This makes the UK much more reliant on mortgage lending. A change in interest rates then, may have a different effect on the UK from other countries. Shocks - external economic shocks may have an adverse impact. An example could be a rapid rise in oil prices (as happened in the 1970s and 80s). This may affect different countries in different ways, depending on how reliant they are on oil. The UK produces its own North Sea Oil and so may be affected differently to Luxembourg, which does not! Transition costs - moving into a single currency economic union involves short term transition costs (which would disappear once the new currency was fully established). For example, new money has to be issued and the old withdrawn, vending machines have to be adapted to take the new coins,and foreign exchange departments may shrink in size in some financial institutions.