Why is Using the Euro good for Your European Business

For this reason, the euro (€) was approved by the 19 member states as the common currency for trading.

There are also other countries outside of Europe which use the Euro to peg their currency. Some of them are from Africa, and they include; Benin, Equatorial Guinea, Ivory Coast, DRC, and Senegal. Iran also trades with the Euro for all of its foreign transaction. It is the world's fourth largest producer of oil.

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The dominance of the US Dollar.

The dollar is the most popular currency which is used around the world. It is estimated that 60% of the world's debt is transacted through the dollar. While 20% is transacted through the euro. The dominance of the dollar can be attributed due to;

1. Lower transact costs.
2. Higher Liquidity.
3. Widely used a benchmark for most commodities around the world.

Since the euro was adopted two decades ago, it only reached its peak in the last decade. However, during the 2006-2007 fiscal year, there was a financial crisis, and the euro has never recovered, making the dollar ruling the EU market. However, the European Commission is looking to boost things so that the euro can have a more significant international role.

What are the benefits of using the euro or European business?

The benefits of using the euro to conduct business are diverse and are felt by the people, markets, and whole economies. Some of these benefits include;

1. The Euro assures economic stability to the Member States because they can be able to plan for the future.
2. It encourages various businesses to invest since it reduces uncertainty in the economy.
3. The euro provides a more integrated and cooperating fiscal market.
4. It gives the European Union a strong sense of dominance in the international market.
5. The euro provides its citizens of the various Member Countries employment opportunities and security.
6. It provides more stable prices for customers since being able to compare prices encourages investment and cross border trade.

How can the EU realize these benefits?

Two things can help the European region realize these benefits both in the area and the world at large. First, there is a need for sound management of the part. Economic growth cannot be achieved on its own, preferably with the help of the rules under the rules of the Stability Growth Pact(SGP). Secondly, there is a need for political and trade unity among the members. If these happen, then the euro will have a dominant role in the region and the international market.