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Europa. Basic Information on the European Union - Essay Example
Pages 11 (2761 words)
The European Union is an exclusive partnership on the basis of economy and politics in among 27 countries of Europe. The Union has inculcated harmony, stability and opulence in Europe. It has also helped to raise the standards of livelihood in the region. One of their most important contributions is the commencement of a single currency. …
The European Union was formed after the Second World War to promote cooperation on economic grounds amongst the European countries. The idea was that the nations which do business with one another are reliant on each other economically and will consequently avoid clashes and disagreement amongst themselves.
In the year 1951, six European nations viz. Belgium, France, Germany, Luxembourg, Italy and Netherlands signed an agreement to unite their industries in the coal and steel sector so that there would not be any difference between them in future. After six years, they made a deal of ‘Treaty of Rome’ by forming the European Economic Community (EEC) with the idea of forming a common single market, the community later came to be recognized as the European Union.
The elementary objective of the Treaty of Rome was the formation of a single economic region in Europe based on a universal market. The common market is a phase in the process of international integration which targets to remove all obstructions to intra market trade and plans to merge all the national markets to form a single market which would lead to conditions prevalent in an internal market. The formation of such a market needs liberalisation of business among the Union members and also makes free mobility of certain production factors such as labour, services and necessary capital. It further requires free establishment of business organisations and people in all the regions of the member nations for the purpose of exercising their business and professional activities. ...
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