To start with, we must define the objective that has spurred the nature of economic integration. The primary objective of having or creating a (regional) economic integration is for the said union to form an agreement among its member countries to reduce and remove tariff and non-tariff trade barriers to the free flow of goods, services, and factors of production (i.e. labor, capital and entrepreneur); and also, to attempt to achieve economic gains from the free flow of trade and investment between its neighboring countries.
The EU as an organization is comprised of independent European countries whose sole, main objectives are economic and social progress for the European region and its people. That is why they have long-planned on engineering an economic integration program in an attempt to converge all the European regions in order to meet and implement the objectives of the formed union so as to provide a much better living and working environment for its people - the Europeans (Going for Growth, 2003).
Economic integration for Europe has definitely brought convergence to this continental region. ...Show more