Euro

One-minute summary

Since 2001, the euro has been the EU's single currency. It is currently used by 12 member states, another 10 are to join in 2007-2009, and Bulgaria and Romania by 2009-2012. The UK, Denmark and Sweden have not (yet) joined. Three small non-EU states also use the euro exclusively (Monaco, San Marino and Vatican City), and it is legal tender in other European countries such as Montenegro and Andorra.

In the UK, all three political parties have promised a referendum before joining the euro. The present government policy is that the UK should join, but only when the economic conditions are right (Gordon Brown's famous 'five tests').

Labour views

• European Parliamentary Labour Party: "The 'long hours' culture dogs British industry, leading to ill health
  and stress as well as taking its toll on family life."
• UK Government: "Over 3 million British jobs are linked to our trade in goods and services with the EU."

Other views

• Britain in Europe: "EU funding helps to create jobs and regenerate Britain's poorer areas."
• Civitas: "If the UK were to leave the EU, there would be no net loss of jobs or trade."

Reference materials

• European Commission on the euro: Official report on five years of monetary union. (Large PDF file.)
• Wikipedia article on the Euro: Wikipedia is a user-edited online encyclopedia.

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