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 means interest rates being set centrally for all Euro countries. Say an individual country is suffering a downturn in economic activity, but the rest are booming. The European Central Bank may want to increase interest rates, but that would simply worsen the recession for that country. Differing policy effects - even when countries are closely in line, it may be possible that a single policy will have different effects on different countries. For example, a much larger proportion of people own their own house in the UK than many other European countries. 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.