Euro Currency - Essay Example

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Euro Currency

Free trade is one of the main benefits of euro. With this 'relaunching', the European integration process has become increasingly biased in favor of deregulation and the free play of market forces, establishing the primacy of negative integration (market liberalization) over positive integration. European integration thus has come to be bound up with a restructuring of Europe's socio-economic order (Barnard 2007). The acceleration of European integration on the one hand, and the rise of neo-liberalism in Europe on the other, have become intertwined inasmuch as the relaunching of Europe went hand in hand with the reconstruction of the post-war order of European capitalism along predominantly neo-liberal lines. The free market has always needed the state for both its emergence and its maintenance. ...Show more

Summary

The single currency proposes great opportunities for the states to improve their internal economic and political operations and protect their economies. This transformation of western European capitalism is reflected in the process of European integration as it experienced from the mid-1980s with the Single European Act (SEA) and the treaty of Maastricht, paving the way for the completion of the internal market and monetary union respectively.
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