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Can someone explain why the UK is not shown in any of those graphs? I thought it was part of the Euro?
by brador 15y ago
Can someone explain why the UK is not shown in any of those graphs? I thought it was part of the Euro?
- sateesh 15y agoNo U.K is not part of the Euro, the currency in U.K is Pounds (GBP)
- seanos 15y agoUK = £ Sterling
- rmc 15y agoThe UK is part of the EU, but it is not in the Eurozone and does not use Euro currency. Sweden and Denmark are also both in the EU and, along with the UK, did not switch over to the Euro.
- brador 15y agoSo will the UK be well protected from this fallout?
- tomjen3 15y agoYep. So long as it doesn't trade with any of the other (eurozone) countries. Which looking at Britains trade deficit it does. Bugger that.
- junto 15y agoI think this explains quite well the debt default threat to the UK (and various other countries including the US): http://www.bbc.co.uk/news/business-15748696 http://www.bbc.co.uk/news/business-15748696
- _delirium 15y agoDenmark, Latvia, and Lithuania are sort of partway in the Euro: they joined ERM II, which guarantees a fixed exchange rate to the Euro. So while they retain separate currencies, those currencies are just alternate units for the Euro, at a fixed conversion, unless they break the peg, and how they rise/fall against other currencies like the dollar or yen is 100% determined by how the Euro moves. Though admittedly it'd be easier to break the peg than to unwind full Euro membership, so the exit strategy is clearer. I believe Sweden and the UK are the only two non-recent EU members with fully independent, floating currencies.
- rmc 15y agoI forgot about all the new eastern and central European member states that are in EU but not eurozone, eg Poland, Romania, etc. Most of those joined the EU after the euro started, and so couldn't join eurozone, though many are starting the process.