Part 1 of Essay
Economic and monetary union promises both currency stability and a move towards further integration of Europe. Deeper monetary co-operation would strengthen political bonds between EU member states and protect a common market. Thus, since the 1960's, the EMU has been a recurring goal of the European Union whilst its mem ....

Part 2 of Essay
.... cons of monetary union from a British perspective, and the choice for Britain. ARGUMENTS 'AGAINST' THE UK JOINING THE EMU TRANSITIONAL COSTS The most significant economic cost involved in the transition to the EMU will be the expense and dislocation involved in replacing national currencies with the Euro. The UK decimalization in 1971 took almost 5 years to complete, yet this involved a change in only one currency compared with up to 15 if the EMU goes ahead. Apart from producing and distributing the new cu ....