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The Economy at Work

GCSE ECONOMICS: UNIT 12. The Economy at Work. The Euro. European Union: Recap. Benefits Tariff-free trade Higher incomes from greater trade Free movement for citizens within EU Larger market for business and consumers (more choice). European Union: Recap. Costs of membership

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The Economy at Work

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  1. GCSE ECONOMICS: UNIT 12 The Economy at Work The Euro

  2. European Union: Recap Benefits • Tariff-free trade • Higher incomes from greater trade • Free movement for citizens within EU • Larger market for business and consumers (more choice)

  3. European Union: Recap Costs of membership • Richer states have to pay for the development of poorer states • More EU competition • Payment for Common Agricultural Policy (CAP) • Influx of people from new EU countries • More regulations from Europe on business

  4. The Single European Currency: Background • The single European currency (the euro) was planned for many years before it was launched in 1999 • 12 countries of the EU joined the first wave, with the UK, Denmark and Sweden opting out • By January 2009 there were 16 countries (the ‘eurozone’) using the euro as their currency Mini-task: Find out which countries have adopted the euro as their national currency

  5. Video: Reasons for adopting the euro currency • Watch the video and make notes on the benefits for countries adopting the euro

  6. The euro: it’s not all good news… • Whilst there are benefits to a country of adopting the euro as their currency, a number of drawbacks exist • Switching to the euro would involve huge financial costs e.g. training staff and the population on the new currency • The country would lose the power to set Monetary Policy (money supply and interest rates) and use Exchange rates to meets its own government objectives

  7. Should the UK join the Euro… • The UK government has promised that the general public will be given a vote on joining the euro but until then we remain out of the eurozone • What specific arguments are there for and against The UK joining the euro?….let us see!

  8. Over to you… • Using the notes you have made and the resources you have available write a letter to David Cameron expressing your views on the benefits and drawbacks to the UK of joining the eurozone • Use the letter template in the Student Shared Area

  9. EU Enlargement… • In your presentations before the new year you looked at the 5 countries awaiting accession to The European Union • In pairs explain the effect EU Enlargement would have on the UK economy and the Governments main economic objectives

  10. It’s time to reflect… • Over the past few weeks of lessons we have looked in detail at Government Policies at home and in Europe • Fiscal Policy • Monetary Policy • Supply-side policies • Joining the EU & the eurozone • Produce a mini-mind map illustrating the key points about each these government policies

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