The European Union originated as an economic, not political, alliance in 1957; thus, its creation naturally led to a deeper economic integration and was a ’great achievement’ towards the creation of a fully-fledged customs union 11 years later (Jovanović, 2005). In this…
Total Economic Integration when monetary, fiscal, social and macroeconomic policy are entirely unified and a supra-national authority exists, whose decisions are binding for all member states (Laffan et al., 1999). The economic nature of this union determined its integration in the field of economy to an extent the European founding fathers never imagined; however, the ongoing process of EU enlargement provoked many controversies and problems related to the core nature of integration within the EU and the subsequent process of further expansion of the union. Two consecutive waves of enlargement after the 1990s led to visible economic, political and social problems and since then ’European integration was accompanied by increasing levels of Euroscepticism among European voters’ (Richardson, 2006). Without the present deep economic integration, the EU would have never emerged as a leading global player and economic power on par with the United States. On the other hand, problems related to its aggressive expansion in the past two decades leave many question marks about the future of the union’s economic and political integration and the ways this integration will be pursued. A key element in this process will be the convergence between the new member states and the old, and the richest, ones due to the significant income gap between them and this convergence could occur only ’in the presence of certain key growth factors and supporting policies’ as Andre Sapir (2005) wrote in his foreword to Economics and Policies of an Enlarged Europe.
Both theory and practice suggest that there was no other way of development for the EU but to pursue deep economic integration in order to establish a strong and viable union, its roots being in the European Coal and Steel Community created with the Treaty of Paris in 1951 by Belgium, France, Germany, Italy, Luxembourg and the Netherlands – a purely economic alliance. In 1957, the Treaties of Rome gave birth to the ...
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As a result of research it was suggested that it is not impossible for Single Market and globalization to work hand-in-hand. Single Market can act as the best proof on how economic integration can be made to work with globalization if only it is sustained with adequate governance, communication and incisive domestic reforms.
It had dwindling rate of economic growth following this period globalization. However, the country intensified in propulsion of relevant aspects that would capacitate it to recover from the economic situation that also affects the balance of payment (Pinder and Usherwood, 2007: 57).
A preferential trade arrangement gives lower tariffs or barriers to trade among member nations compared with the nations uninvolved in a preferential trade arrangement (Salvatore, 327). This was the situation in 1932 under the British Commonwealth Preference Scheme of the United Kingdom with “members and formers member of the British Empire” (Salvatore, 327).
(Alexandra, 2007, p.74). It is beyond reasonable doubt that the economic block was not an end to itself, however a way of achieving political and economic goals. Before going deeply into discussing the topic, it is important to describe the ‘common,’ ‘internal,’ and ‘single’ markets that are used nearly synonymously even though they have considerable nuances of meaning.
Secondly, European infrastructure is integrated and supported by these structural funds. In addition, the transport sector is especially supported by these structural funds from the European Union.
In this regard, budgeting is done by the European Union concerning the abovementioned funds, which play a crucial role in distributing the European Union's budget in needed and essential sectors of the continent.
In this regard, regional representation has blossomed from two regional offices in 1985 to 165 in 2000. What does this imply and where is it leading the EU - towards convergence through the structuring of an appropriate platform for the sharing of ideas and resources; or towards divergence through the creation of separate regional identities Let us find out.
The EU has formulated a"single market"by means of a standardized system of laws applicable in all member states, assuring the'freedom of movement of people, goods, services and capital'.It preserves a common trade policy,agricultural andfisheriespolicies,and a regional development policy.Fifteen member states have implemented a common currency, theeuro.
The Single Market today is an attractive and rather transparent environment for business and that is why during last fifteen years it has increased more than by one third. Owing to the unity of the market, the conditions of life in Western and Central European countries have notably approached.
lation of 500 million citizens, the EU collectively generates an approximated 30% share of the global nominal gross domestic product with US$16.8 trillion in 2007. The EU has formulated a “single market” by means of a standardized system of laws applicable in all member
states’ economic policies, in an attempt to promote a harmonious growth of economic activities all through the Community, a balanced and continuous enlargement, increased stability, an increased raising of the living standards of the people in the member states and closer ties
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