Also, the abolishment of conflicting laws and uniform rules and regulations will assist businesses to streamline and adopt uniform policies across the EU.
This paper will discuss some of the benefits that businesses of the 21st century may acquire due to an integration of EU and will further discuss as to what are such benefits, how they may be of any help for the businesses. The focus of this paper will, therefore, be largely on examining the advantages and challenges of EU integration for businesses.
European Union comprises of 27 member States and is serving as a Political as well as Economic Union of European Countries. The basic philosophy behind the integration of Europe is to allow the regional integration by creating a single market for the whole of Europe. The basic theme of EU is despite having differences in the values and cultural aspects of the individual member countries; however such differences shall not be the basis of competition between the Member States. Thus despite the creation of single currency and market, EU Member States have retained their individual characteristics thus creating a fine amalgamation of integration which is advocating the formation of collective identity for EU while at the same time allowing individual member States to keep their own individual characteristics intact. Established in 1993 as a result of Maastricht Treaty, EU is now a region comprising of 500 million people contributing almost 30% of the share in the World Gross Domestic Product. At the global level, EU is, therefore, operating as a system of super nationalism as well as inter-governmental allowing member States to dominate the world scene in the disguise of an integrated Regional Community.
One of the most important aspects of this integration is the fact that establishment of EU has resulted into the creation of a single market which not only allowed the free movement of people but also goods and services thus creating a strong window of opportunity for businesses working within the Region to flourish and prosper at least at the Regional Level.