Great Britain and the Euro Zone

Abstract

Great Britain is one of the two EU 15 countries which refused to join the Economic- Monetary Union. Despite the passage of time, Great Britain’s stand on this matter has not changed, although the last worldwide economic crisis and its consequences intensified discussion whether from Great Britain’s point of view it is worth considering possibilities of joining the euro zone. The aim of the paper is to present determinants of functioning of Great Britain in the European Union and an analysis of possible opportunities and threats which are connected with its accession to the single-currency area. Looking at the history of Great Britain, one may have an impression that what is more important for that country is keeping independence and remaining a “world” economy than turning the potential benefits to its advantage at the cost of resignation form independence and degradation to the role of a “European” country. Especially that the current economic crisis has revealed the weaknesses of the euro zone and proved that the zone as a whole has not worked out proper mechanisms of operating in a crisis situation.