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Tourism and the European Union1) Briefly explain how the creation of the Euro has impacted tourism in the European
Union. Don't just say what the Euro is, you must discuss why it is or is not important
Ans: Creation of Euro has impacted tourism in the European Union in a positive manner.
The Euro was launched with the perspective of economic and monetary union in Europe. It is
basically an invisible currency that can be used in electronic payments for accounting purposes.
It can be used by 300 million people in 11 nations in Europe. The goal of developing the Euro
was to develop a single economy and common political goals. The Euro was meant to improve
the living conditions for all in the EU states. The Euro was also meant to eliminate barriers to
trade and commerce in much of Europe.
A common currency helps in the elimination of exchange rate volatility and it also
reduces transaction costs. The introduction of coins and notes in Euros has helped to eliminate
any currency conversion between countries that fall under the Eurozone. This has further helped
to reduce the calculation by agents and price transparency at an international level has improved
(Gallego, Rodríguez, & Rodríguez, 2012).All these positive aspects indicate that the creation of
the Euro has helped tourism in many ways by helping ease of money transactions and also by
improving the money transparency. It has reduced the load on tourists and especially it is
beneficial for tourists from the Eurozone. Still, further research is essential in this area to
establish the exact influence of Euro on tourism and also to find the further changes that can be
done in the currency in order to achieve further improvement in tourism.