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The European Central Bank's 10th anniversary may have been marred by high inflation, but the euro's show of strength over the past nine months has been impressive.
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AP |
The British pound has lost 14 percent of its value against the euro since the credit crunch spilled to Europe in August last year and has softened by around 2 percent against the dollar over the same period.
Britain, along with Denmark, is allowed to opt out of the euro zone if it wishes, while all the other European Union member countries are under the obligation to adopt the single currency when their economies are prepared.
Some economists have argued that the UK should keep the pound because it offers a flexible monetary stance instead of the ECB's "one size fits all" policy, while others say adopting the euro would make sense because it would cut transaction costs.
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