The Economics of Brexit: The European Union

The video discusses the aftermath of the Soviet Union's disbandment, focusing on Europe's challenges, particularly East Germany's economic struggles. It explains the formation of the European Union as a response to these challenges, highlighting its similarities and differences with the United States. The EU's introduction of the euro is examined, noting the logistical and economic implications. The UK's decision to retain the British pound and its eventual exit from the EU are also covered.

What significant step did the European Union take in 2002, and why was it considered a large step?

Why did the United Kingdom opt out of adopting the euro, and what was the significance of this decision?