24). This paper will discuss EU and how it is an influential player in international political economy. European Union is a multinational government that is changing the initial role of the nation-state and sovereignty in the entire Europe. EU was formed willingly by several states that had similar goals and is unique in its design and idea to the European continent (Breherton & Vogler, 2002, pp. 213). EU is a unique economic and political partnership between twenty-eight countries that occupy much of the continent. The initial mission of the European Union was to encourage cooperation among the countries after the World War II and was presumed that the countries that were trading together were unlikely to attack each other.
European Union has brought about so many advantages to the states that are members. The economic advantages include enabling the member states move capital and goods from place to place within the EU (Arull, 2004, pp. 505). In addition, the Entrepreneurs are free to give their services anywhere within the European Union, which is made possible since the European Union operates under a unified set of economic laws. These advantages have been designed to create a competitive marketplace and reduce the prices for the consumer especially those within the member states. European Union came up with one currency that is common in all the states; Euro, hence making it possible for the trade to take place between the countries. The European Union takes a step further and provides its members with protection against the challenges of volatility and inflation in the monetary market (Lucarelli & Fioramonti, 2010, pp. 64-68).
Being part of the European Union also encompasses political advantages for the member states. As a member of the multinational organization, the countries are able to wield more influence on the world stage. The workers are protected from exploitive practices through the working tie directive that is controlled