B1: Submit
Date: August 18, 2000
Time: 16:35
log_3
This time I would like to do something different. I hope this is also possible. But oke {1}, for my presentation of next week I have written a story about the disadvantages and advantages of the Euro. I would be very pleased if you could have a look at it. Thank you very much in advance.
The presentation
Good morning,
I will talk about 5 minutes about the advantages and disadvantages for the Euro-members, the non-Euro-members {2} and in particular about the advantages and disadvantages for the UK. My colleague Kirsten told you about the history of the European Union, the creation of the Euro and the Euro-policies for the coming years. That is mainly the reason {3} for me to start my talk with the advantages and disadvantages for the Euro-members. There are about 8 general advantages to join {4} the Euro against 2 general disadvantages {5} for the 11 Euro-members.
The first advantage is the elimination of transaction costs among the countries. The second one is the removal of exchange rate risk {6} from trade with other members of the Euro area. The third advantage is an improved efficiency 'of' financial and monetary markets. The fourth advantage is the transparency of prices for goods and services in the Euro area countries, which will promote competition. The fifth advantage is an improving {7} in the distribution of resources. The sixth advantage will be a better economic integration {8} among European partners. The seventh advantage is an improvement in the efficiency of production factors across participating Member States. This will lead to an increase of the attractiveness of the Euro area in the eyes of both European and non-European investors. Lastly, the eight advantage comes from the trade with non-European countries, because the Euro will be a stable currency, at least for the Euro-members themselves, the Euro becomes cheaper.
But on the other hand you are not longer able to use exchange rate interventions as a means of achieving your national economic objectives. Also, you lose a lot of influence about subjects {9} like the image {10} on the coin and you lose control to your owns' land {11} economy. This lost {12} will probably lead to a lost in political power and if the economies get tighter and tighter you will probably lose more and more of your economic and political power.
Till so far the situation of the Euro-members {13}. But what are the advantages and disadvantages for non-members? First I will talk about the advantages. The biggest advantage for non-members countries will be that there is a third big stable currency area (after the dollar and the yen). This means that the world economy becomes more symmetrical {14}. The result is that for example financial investers can diversify their investments and reduce their risk burden {15}. Lastly, it simplifies the economic relations whit the Euro-members.
The disadvantage is the increased pressure on the financial markets, especially for the small countries. They have to set themselves a very strict monetary and fiscal discipline {16}. This leads to the result that {17} these countries have to give up a part of their monetary sovereignty. In general this is also true for the some bigger economies, such as Great Britain. Great Britain has to follow a strict monetary policy focused on the Euro-policy, without having any influence on the Euro-policy.
But to say that Britain has to join the Euro-Countries at this moment is too simple. Alright, there are a lot of advantages at this moment. For example, the consumers will get lower prices and more transparancy. The single currency will give greater stability, lower interest rates and an end to the exchange rate uncertainty. Overall they will have the same advantages as the other Euro-members. But there are at this moment some essential things different {18} in the UK than in {19} The Euro area.
First of all {20}the different economic cycle in the UK and in Europe. In the UK there is for years a stable growth rate, in Europe they start {21} to recover from a recession. Second of all the interest rate, in the UK the interest rate is around 6%, in Europe only around 4.5%. If the UK joined the Euro now, they would have an enormous increasing inflation. Third of all, less than 19% of UK {22} output is going to the EU. Lastly, there also exist {23} difference on {24} other major economic areas, for example the social systems, the tax differences (Business tax 30% to {25} an average of 42% in the European Union), the business regulations and the employment rate (6% to 11%)
So there are a lot of advantages for the UK to join the Euro, but it is too soon for Britain to join the Euro-countries at this point in time.
And now I will hand my presentation over {26} to ....
Thank you for looking at my presentation.{27}
| Instances | Description |
| 10 | ARTICLE - you have made a mistake with the use of the article ( ie a, an, the or zero) with a noun or noun phrase. First check that you know whether the noun is countable or uncountable, and singular or plural |
| 1 | MARKER/CONNECTIVE - you may have used the wrong one, or not used one where it is needed, or used one incorrectly |
| 1 | UNCLEAR - the reader does not understand what you are trying to say here |
| 11 | PHRASE CONSTRUCTION - you have used the wrong construction after the verb/noun/adjective/adverb; for example, you might have used 'to' instead of 'that', or an '-ing' form instead of 'to' etc |
| 2 | PREPOSITION - you have used the wrong preposition, or the preposition is missing, or you don't need a preposition |
| 1 | RELATIVE PRONOUN - you have used the wrong relative pronoun form (who, which, that, where, whose, preposition + who/which, zero relative); or you have used it incorrectly; or a relative pronoun is needed. |
| 1 | SENTENCE ERROR: COMMA SPLICE - you have incorrectly joined two main (or independent) clauses with a comma. You need to make two separate sentences, or use a different connective or marker to join the clauses. |
| 4 | SENTENCE ERROR: INCOMPLETE SENTENCE - there is no main verb. Check whether you have used the wrong kind of logical marker at the beginning of your 'sentence'. |
| 5 | NUMBER OF NOUN - you have put a word in the singular when it should be plural, or vice versa. Or perhaps the noun is countable and you thought it was uncountable, or vice versa. Check that you have used the right article, as well. |
| 3 | SPELLING - the word is wrongly spelled. |
| 2 | VERB TENSE - you have put the verb in the wrong tense eg present instead of future, or continuous instead of simple. |
| 6 | VOCABULARY MISTAKE - you have used the wrong word. Check in the dictionary. |
| 4 | WORD FORM - you used a word in the wrong form. For example, you have used the adjective form when you should have used the noun form, or adverb instead of adjective etc. |
| 3 | WORD ORDER - you have written a group of words in the wrong order. Re-arrange. |
| 2 | CAPITALISATION PROBLEM - you have mixed up lower and upper case spelling. |