Download or read book The Advantages and Disadvantages of the Euro As the Standard Currency Within European Union Countries, the Issues with Companies Entering Foreign Countries That Resist Change, and How Companies Can Successfully Enter Foreign Markets That Resist Change written by Harrison Sachs and published by . This book was released on 2020-03-16 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay sheds light on the benefits appertaining to the European Union countries utilizing the Euro as a standard currency over the other fiat currencies from European countries. This essay also pinpoints the overarching issues that have recently emerged as a result of the Euro being utilized as the standard common currency among neighboring countries within the European Union. Lastly, this essay also identifies the issues associated with companies entering foreign countries that resist change and elucidates how companies can successfully enter foreign markets that resist change. Marketing activities that can allow companies to efficaciously enter foreign markets are also identified in this essay. Having the people of the European Union Countries utilize the Euro as a standard currency over their own country's fiat currency has many benefits that primarily benefit Europeans. This change within the European Union has also ushered in a slew of issues in foreign countries. ''Similarly to how the thirteen individual colonies were standardized into one country under the Articles of Confederation then the Constitution of the United States'' ("Articles of confederation," 2012), the European Union has standardized the fiat currency among the European Union countries. The advent of the Euro being the dominant common currency among the European Union has been advantageous for Europeans primarily because it further encourages consumerism among the ample countries in the European Union. Countries within the European Union are located near one another and are in convenient locations for Europeans to visit. Having disparate fiat currencies within the European Union countries would discourage consumers from visiting European Union countries. This is because, there are currency conversion fees associated with converting currencies. Furthermore, the fiat currency of a particular country becomes nearly useless when you exit that specific country. A hefty currency conversion fees is incurred when you convert your country's fiat currency into a foreign country's fiat currency which undermines your purchasing power as you lose wealth. These currency conversion fee deter tourists from visiting multiple countries that utilize different currencies. It would be calamitous if countries that reside in the European Union utilized different currencies. This is because, you would never know the purchasing power of your fiat currency in another country until you exchange it in for another country's fiat currency. The feeling of financial instability and having substantially lower purchasing power would further deter tourists from wanting to travel to foreign countries. Currency exchange rates cannot be memorized because they are constantly fluctuating. Not having money transition from hand to hand within the economy has an adverse effect on the money multiplier.