Also, the European Union is likened to the United States. The United Kingdom economy has increased as a result of the single European Dollar' replacement of the different currencies of each state. Tony Blair took the lead in encouraging the ministers to accept a single European Union currency.(Grice, 1999).
There are many advantages to joining the European Union, First, manufacturers and retailers will be able to increase their customer base. First, with the single European Union currency called the European Dollar, companies in the United Kingdom can now sell their products and services to other members of the European Union more easily. Since the single European dollar is used in more states in terms of land area than the United Kingdom sterling, the United Kingdom will be able to increase its sales by expanding its product lines and work into Germany, France, Netherlands and the like(Grice, 1999). Second, all European Member states are implementing strict privacy of communication laws unlike in the United States where data is generally freely given. EU privacy law translates to eliminating delicate employment questions like age, military service, religion and marital statues when applying for a new job(Robb, 2003).
There are also disadvantages if th...
There are also disadvantages if the United Kingdom Joins the European Union. First, the customers inside the United Kingdom can now have wider choices of commodities to buy. The UK population can now buy products from Other European Union members states(Castle, 1999). Second, the cultural identities of each state will now be replaced by the European Union culture. The European Union has put up its own court of justice that issues legal opinions that are at times running opposite the normal cultures and traditions of each country. As a result, confusion has sipped into the peaceful lives of European Union citizens(Marqueritte, 2003)
Identify and describe at least one area of UK economic activity affected directly by EU membership.
There is a real conflict between the individual sentiments of each member of the European Union and the European Union as a whole. Competition between member states extends much wider to include monetary, fiscal and social dumping. In fact, the United Kingdom has been accused of trying to undermine the consensus agreed among the European Union member states. This conflict is because of the self-serving interest, and each member state's economic nationalism(Dunning, 1997).
Identify the Institutions of the EU and discuss how they can benefit a UK organisation.
The European Union institutions have benefited the United Kingdom organizations. Meaning, the European Commission, the Council of the European Union, the European Council, the European Central Bank, the European Court of Justice and the European Parliament have surely helped most UK citizens and residents in their working and living conditions. These institutions, according to the Europa website were influential in the abolition of