Quote:
Originally Posted by GtrsRGr8
Some people may not realize how timely this is.
Yesterday, the people of Great Britain, by a narrow margin, voted to exit the European Union (you will hear this referred to as "Brexit"). Prime minister David Cameron, a supporter of G.B. being in the EU, promptly resigned.
All of that prompts the question of whether or not the European Union is a good thing for member countries. With the euro being the common currency, that factors greatly into the discussion, too.
|
Note that only some of the EU is in the Eurozone. Not UK, Denmark, Sweden and the newbies.
Quote:
Wikipedia
The eurozone (About this sound pronunciation (help·info)), officially called the euro area,[7] is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in future.
The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states (except for Denmark) are obliged to join once they meet the criteria to do so.[8] No state has left, and there are no provisions to do so or to be expelled.[9] Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins.[10][11][12] Kosovo and Montenegro have adopted the euro unilaterally,[13] but these countries do not officially form part of the eurozone and do not have representation in the European Central Bank (ECB) or in the Eurogroup.[14]
|
One of the few useful features of the Euro is that it caused the goldbugs (gold standard revivalists) to go very quiet.