After the collapse of the Soviet Union, Eastward extension of Europe offers Europeans their best chance in 500 years to unite in peace. It is now possible to achieve the dream of living and working anywhere in Europe using one currency under one rule.
The EU was enlarged five times with the largest enlargement on May 1, 2004 to include ten new states. The accession mainly had a strategic dimension towards reunification of Europe. In order to join the European Union, a state must fulfill specific economic, fiscal and political conditions. Each member state must agree to accession of any enlargement.
Economic gains from the expansion of the EU were surrounded by concerns from economic situation in new member states. Marginal economic gains were expected for old member states with newer states expected to have large economic growth to catch up with older states.
The European commission gives advice to EU. The European commission includes the European Commissioner for economics and finance whose job is to maintain a strong European economy over the coming years. ...Show more