European Union Trade - Essay Example

Extract of sample
European Union Trade

Established by Article 113 [133] of the Treaty of Rome, Common Commercial Policies therefore took shape in 1961 to safeguard the common interests of the EU nations (Bretherton & Vogler, 1999). This effectively meant that the EU region will act as one country while dealing with any other country/ organisation for trade and commercial interests. But the commonness envisaged within the policy kept eluding the European community for many years, because of the changes that the world went through during the period and the conflicts of economic interests within the EU nations. The delay in settling for a common European Monetary unit (EMU) is one such example. Euro, the common currency came into being in 1999, but Bordo and Jonung (1999) reported about some observer's apprehensions about EMU itself citing the lack of a central authority supervising the financial systems of EMU. The Common Commercial Policy expected a degree of autonomy and competitiveness from the member states, which has been achieved with limited success so far, as is evident from OECD (2007) 'EU country note', which states that competition in network industries remains patchy while implementation of the liberalization policies by individual countries are not in sync with the EU level as a whole. ...Show more

Summary

It was in 1957 that a formal vision of Common European Market was set in motion by the Treaty of Rome, with the aim of increasing economic prosperity and contributing to "an ever closer union among the peoples of Europe" (Wallace & Wallace, 2000). Thereafter the European Economic Community (EEC), started working towards the common interest of the European region…
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