Main Costs and Benefits of Monetary Union in the EU Research Paper

Main Costs and Benefits of Monetary compact in the EU - Research Paper archetypeCountries around the world do not have many choices when having to develop their relationships with other countries in the multinational community the participation in unions and organizations of various forms is then proved necessary in particular if the improvement of the policy-making or financial position of a orbit is required. European Union has been the most important guinea pig of the specific practice. Despite the fact that the establishment of the Union was related to the interests of specific countries, soon its priorities were changed (Kotlowski, 2000). Through the years, the survival of the European Union has been related to its enlargement countries from all the regions areas had been called to participate in the Union even if the relevant terms and conditions have not been appropriately evaluated in advance, an issue that has been revealed gradually especially within the context of current financial crisis. The current paper focuses on the examination of benefits and costs of financial union in the European Union zone. The case of two countries Britain, a country that has been among the first members of the European Union and Bulgaria, a country that is expected to join the European Union zone is used as an example for describing the context of the monetary union in Europe. The costs of the specific initiative are withal evaluated as possible and are critically explained in terms of their role in a countrys decision to enter the eurozone.The benefits of monetary unions have been traditionally regarded as the reason for the development of these unions worldwide. However, the effectuate ofthese initiatives need to be taken into consideration before taking the relevant risk.