“Will the European Union Abandoned the Euro and Go back to their own Currency?”
Professor: Dr. Mague
Managing in a Global Environment MG615
In today’s economy there are many different countries using different currencies. The European currency is defined as the forerunner of the Euro. This was a stable means of exchange between the former national currencies as they prepared to give way to the single currency. There are only some countries in Europe who adopted the Euro which are; Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. The countries who did not adopted the Euro are; Denmark, Sweden and the United ...view middle of the document...
Many countries do not want to do business with Europe because of the crisis of the euro zone.
According to the New York Times article, the European Union going back to their original currency will be difficult but possible and can make the economy strong. Many say going back to the old currency will allow for an increase in employment opportunities. The country will be back in control, banks will have enough currency and businesses can invest. Countries that import and export have a better chance due to the currency value on the dollar. Being able to manage the currency causes stability within the country. Abandoning the Euro gives other countries a lot to gain in terms of the dollar because; many have lost confidence in the Euro zone. The original currency allows Europe to lessen and raise cost as they see fit. According to the Bloomberg article dealing with the original currency makes the rescue fund null and void due to there would be no need to bail out the country’s economy crisis.
My stand on the Euro zone is I’m against the European Union abandoning the euro. The euro reinforces the economic growth for the country. According to Paul Krugman article there is no need to change the euro currency because this currency can be used in other countries and importers and exporters would have a clear understanding of the contract, cost, payment and worth of all goods. People entering other countries do not have to contemplate whether their dollar will depreciate due to they already have the euro. Many of the other countries import and export goods through Europe use the Euro because the currency is efficient and the same. This makes it a lot easier for different countries because they did not have to adjust or change their currency to buy or sell goods because of the Euro. Adopting the Euro zone made big effects on trade in doing business with...