The major cost to the UK of joining the euro would be the loss of the freedom for the country to set its own monetary policy and the loss of the possibility of needed adjustments in the UK economy being achieved through changes in the foreign exchange value of the UK currency.

Question

Quizplus · Accepted Answer

Joining the euro would require the UK to adopt the common monetary policy set by the European Central Bank, thereby losing the ability to make independent monetary policy decisions. Additionally, membership in the eurozone would eliminate the possibility of using currency devaluation as a tool to address economic challenges.

The Major Cost to the UK of Joining the Euro