Japan in particular has created worrisome situation for European economy and trade, this Asian country "has influenced in monetary and technology domains" (Wayne, 1992). It is essential for the European government and market to realise that it has to re-structure its political and economic policies, the union has to "construct a coherent political presence on the global stage in order to achieve the most attractive accommodation to the new order" (Wayne, 1992). The union shall realise that American economy has been partially able to sustain the implications caused by Chinese and Japanese market, however the political influence of the country supported by its stakes in policy making institutions kept the vital interests of the country protected and intact. The European Union has to take serious efforts to improve its political authority, and has to take political influence driven trajectory to reach a point of influence and dominance, to reign supreme in this world of competition and challenges (Ben, 2000).
The major decisions in the history of the union have been influenced by liberal inter-governmentalist, who developed two-stage approach. ...Show more