I was doing some research on the currencies in the world, and I discovered that there are many individuals on the internet that aren’t informed on the United Kingdom. Please take a minute to read this as there’s more to the subject than meets the eye.
The union that occupies 1.25 islands is the United Kingdom. The UK was formed when the countries of Wales, England, Scotland and Northern Ireland decided to join together. With this being said, citizens only from England are English, not the whole United Kingdom. People from Wales are Welsh, people from Scotland are Scottish and people from Ireland are Irish. Great Britain contains the countries of England, Scotland Wales since they all share the same island. These people are also considered British.
Even though the UK is a member of the European Union, they aren’t a member of the Eurozone. This means that they don’t utilize the Euro as their currency. They use the Pound Sterling, more often referred to as the British Pound. Former Prime Minister Tony Blair said that the United Kingdom will adopt the Euro when it meets the 5 criterion as set by other former Prime Minister Gordon Brown.
1.) Business cycles and economic structures must be compatible enough so that the United Kingdom could live with Eurozone interest rates.
2.) The system must have sufficient flexibility to deal with both local and aggregate economic problems.
3.) Adopting the Euro must create conditions conducive to firms and individuals investing in the United Kingdom.
4.) The Euro would enable the nation’s financial services industry to remain in a competitive position internationally.
5.) Adopting the euro must promote higher growth, stability and a long-term increase in jobs.
These 5 requirements are so particular and strict that it is very unlikely that the Euro will ever satisfy them.