The Euro exchange rate has often been talked about in the money market starting from when the currency was initially created in 2002. When the currency was launched, there were 12 countries that gave away their own currency and went to the Euro. Great Britain was one country which didn't embrace the Euro because the market for Pounds in the exchange market was pretty strong. And although the Euro is pretty much the currency of Europe, the Pound has mostly experienced a higher valuation compared with Euros.
On January 1, 1999 the Euro emerged as an electronic currency. This meant that the currency could be traded like a commodity in the foreign exchange market. The introduction of the Euro was considered a stepping stone for Europe which wanted to have a centralized banking institution for Europe ever since 1970, so that the economic climate of Europe could be stabilized. On the trading market, the Euro has consistently traded between the range of 1.4 and 1.7 British Pounds.
Britain's final decision of not adopting the Euro has always created a little bit of a stir within the European financial markets. One of the articles in 2008 said that the reason behind Britain's hostility towards the Euro was because of its lack of trust in the currency. Britain did not trust the Euro exchange rate to remain as strong as its own currency. As a result, taking on the Euro was never really in the picture for Britain, even though some of the important European countries like Germany and France had already done this.
Britain also had concerns over the survival of the currency, and with the British Pound constantly trading above the Euro. Analysts feel that Great Britain has made the right choice. While the Euro was introduced as a foreign exchange commodity in 1999, it was introduced as a cash currency in 2002 on New Year's Day. This ensured that Euros would then be used in the countries that agreed to recognize the Euro as their national currency.
In 2002, one British Pound was equivalent to 1.6 Euros. It fell to one Euro during the summer season. Since then the British Pound has always been strong when compared with the Euro exchange rate and it never dropped below 1.4 Euros until recently.
At the end of 2007 and the beginning of 2008, the British Pound experienced a huge dip in its value. The Pound sank below the Euro for the very first time in 2008. The British government noted the falling interest rates and house bubble burst behind the sharp dip in the Pound's value. The dip in the value made many feel that Britain should adopt the Euro for its currency, however the country is not convinced as of yet.
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