Conduct an Internet search to ?nd out which country is the most likely candidate to join...

Conduct an Internet search to ?nd out which country is the most likely candidate to join the Economic and Monetary Union (EMU) next. What are the pros and cons for that country from joining the EMU, particularly in light of the travails of countries like Greece that are in the EMU currently?

Solutions

Expert Solution

Economic and monetary union(EMU) is union of countries with same monetary and fiscal policies. The member countries have same currency “Euro”.

The country is Bulgaria, most likely to join the economic and monetary union next as it currency is pegged to the Euro since 1999 and its economy is in good shape with effective monetary and fiscal policies.

Pros of joining EMU:

Fixed exchange system. It will remove the risk of currency depreciation
No restrictions on movement of capital will increase the proper utilization of resources
The transaction cost will reduce and investment will increase

Cons of joining EMU

Changing monetary and fiscal policies to adopt EMU policies can create economic instability
It will increase unemployment due to reduction in labour mobility because of language barrier
Increase in social cost risks due to free movement across the borders.
Can create problems during economic fluctuations because same policies can’t be applied to all countries due to their different economic conditions.

Rahul Sunny answered 1 year ago

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