international trade and payment

Impact of European Union on the regions economic and business integration

The European Union has evolved from a long integration that started many years ago . Their cardinal objectives since time in memorial have been the economic integration and strengthening of corporation and reduce competition between member countries . Dinan Desmond , in the Encyclopedia of the European Union Lynne Rienner , 1998 . Says

Its principal goal is to promote and expand cooperation among member states in economics and trade , social issues , foreign policy , security and defense , and judicial matters . Under the Maastricht Treaty , European

br citizenship was granted to citizens of each member state . B controls were relaxed . Customs and immigration agreements were modified to allow European citizens greater freedom to live , work , and study in any of the member states

This is the true picture of the union that I can consider as gigantic that has transformed the lives of many nation all over Europe into what they are today

It was established in 1991 but it was not until the year 1993 that the union was officially inaugurated . In 1951 , the European Coal and Steel Community were started with the aim of boosting the capacity and volume of coal and steel that was manufactured and exported . The ECSC became EC that is European Community in 1967 and the desire for more integration has seen the developments that have been achieved in the continent of Europe . Another major goal of the EU has been to implement Economic and Monetary Union (EMU , which aimed at introducing a single currency , the euro , for EU members . In January 2002 the euro replaced the national currencies of 12 EU member nations . Thirteen EU members do not currently participate in the single currency . They are Denmark , Sweden , the United Kingdom , and the 10 nations that joined the EU in 2004 . - Bomberg Elizabeth , and Alexander Stubb . The European Union : How Does It Work Oxford University Press (2003 pp 345-350

The economic and political integration has been of serious effect on the economic conditions and operations on the member countries . The union has put in placed regulations and policies that are to be strictly adhered to by the members and followed to the letter . One of the key changes that has been observed in the union is the economic and monetary union whereby the currency money that is used all over that countries that are members was changed and now they are using a single currency the euro . This has the effect that there is much freedom of trade and members are able to trade more freely and without restriction based on the currency that is used

When we look at the economy , we see that the motive rested on the belief that a larger market , which was to be created through the many member countries , would promote competition and thus lead to greater productivity and higher standards of living among the citizens of these member countries . Economic and social viewpoints merged in the assumptions that economic strength was...