EU fans - single currency benefits?

Question

If a common currency is such a great thing why didn't the EU just adopt the US Dollar?

Would have saved a fortune on having an european central bank etc.

Answer 1

I don't think that would have gone down well. It would never have got past the drawing board.

Answer 2

This is because each country wants to maintain its individuality and control of its finances. Currently the Pound and the Euro are higher than the US Dollar, meaning that they wouldn't change now anyway.

As for the UK, yes, there is some bad feeling about the Euro but with good reason. Maintaining the Bank of England has allowed us to rectify crises like the Northern Rock bankruptcy much more efficiently than anywhere else. Also by keeping control interest rates and inflation for the UK only, not the whole of Europe.

Answer 3

How bright the light doth shine!!!!!

Fantastic idea.

Answer 4

Because nobody is stupid enough anymore to help finance the US deficit.

Iran sells its oil in Euro.

China has an asset which is spread in different currencies

Russia is selling its dollars to buy Euros

Saudi Arabia is asking for more money against oil since the dollar as a reference money is worth less and less

Answer 5

I'm not an EU Fan, but as a frequent traveler, it is quite a benefit. Back in the day just going from Belgium to Germany was a pain, with all the money exchange. The Euro is actually doing better than the dollar, so let's be glad we didn't.

Answer 6

Because the US currency is run for the benefit of the US. The Euro is run for the benefit of the EU.

Ireland joined the euro in 1999 and has never looked back - there is no logical reason for the UK not to join in, except for misplaced national feeling.

Answer 7

Why would they most european currencies were doing better than the dollar anyway before the euro was put in place. It works real well. Soon all the oil from opec members will be in the Euro. the dollar will not be worth looking at real soon another four years and it will be 2 dollars for one Euro.

Answer 8

interesting answer, the one about Europe not wanting the dollar as it wanted to keep its own individuality, perhaps that's why the UK wants to keep the pound.

Answer 9

A good idea, it would have made the green back worth more than the paper it's printed on, like it is now.

Answer 10

Oh yes, and let's surrender to them entirely while we're at it !  At least we have a vote in Europe, and we're shown some respect.  Bush treats the UK like his own personal b*tch

Answer 11

Because Europe is not the US and wanted their own individuality. Would wish to have European financial control.