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Discuss the benefits and costs of joining a monetary union (such as EU) . Also discuss...

Discuss the benefits and costs of joining a monetary union (such as EU) . Also discuss the factors that increase or decrease these benefits and costs.

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Answer #1

Benefits of joining the EU :

  • Complete freedom of movement of capital and labor
  • Better job opportunities
  • Complete worker protection
  • Accessibility to health service
  • Fetching Lower price for goods
  • Availability of structural funds.

Costs of joining the EU:

  • High cost of membership
  • Currency volatility
  • Discrepancies in rules and regulations
  • Overcrowding due to immigration
  • Pressure due to austerity measures.

The bilateral relationships and economic growth are major factors putting pressure on economies to join the EU.

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