No, we don't need monarchy. This form of government has existed for centuries in Europe and other countries, and it's clearly not the best. While a strong monarch can do some good for a country, there are just too many potential dangers. One person ruling the rest, nearly owning their lives? Not a good thing.
I'm British and to be honest, Britain LOVES the monarchy, however I don't see why! Monarchs receive millions of pounds, yet they don't do anything. In fact, the whole royal family don't actually do anything apart from public visits and speeches. It just annoys me that there is such a big fuss of a family, that don't seem to do anything significant. For example: When Kate and William had their child, the country went wild and to be honest, I could sick of hearing about it! Everyone was like: "Oooo, our future king has been born!" My reply was: "And? He's not exactly going to make a difference is he? He's just a new addition to the media's pointless stories!"