This has promoted economic progress and convergent political ideology that has significantly boosted the peaceful co-existence of the member states.
EU has some challenge to the stronger economies that are members like Germany. Their economy is vulnerable to sump in regard to homogeneous currency due to the burden from unstable economies like Greece.
The reduced barrier to trade has facilitated cross border transaction. This means significantly lower cost of business among member states with greater gain in terms of efficiency and consistent supply of goods and services.
Divergent political ideologies have facilitated internal disagreements on macro and micro-economic policies. This has led to instabilities in specific policy recommendations especially in the aspect of political and economic performance disparities among member states.
EU members use a common currency which helps citizens from member states to transact easily in any of the countries. This has promoted economic strength of the region and socio-political co-operation in the region. The effect has been seen in stronger currency relative to the US dollar. Mass consumption that results from this scenario continue to expand the economic performance of the Union.
The economic disparity among member states means that the poor performers are exposed to indirect suppression and face significant macroeconomic pressure to comply with the Union’s requirements. This has a structural socio-economic huddle that has seen some member states exhibiting uncooperative behavior. Besides, the globalization effect seems to override some member states capability hence leading to unpredictable economic prospects.
Owing to the strong economic ranking of most member states and the mass industrialization that characterize the region, it offers better bargaining power in international market. This has significant boost in industrial growth, political ...Show more