... EMU. CHAPTER 1 The Benefits of EMU According to the European Commission there are four main benefits of a single currency. 1: Cost savings on cross-border transactions 2: Increased price transparency, which benefits the consumer. 3: More stable prices due to the anti-inflationary ECB 4: Elimination of exchange rate instability and uncertainty within EMU 1 is only really significant for Northern Ireland business, which makes up a very small part of GDP. The savings from transaction costs for the rest of the UK are so low that they are offset by the cost of changeover for the first 30 years (Minford 2002). 2 only really applies to large purchases of goods such as cars, especially now that most of the EU has joined the Euro making it very easy for British consumers to compare prices. Increased technology and the Internet makes it very easy for UK consumers to calculate Euro values. 3: During the last 10 years Britain has had ...

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