StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

European Union, how successful was it at creating a single market - Essay Example

Cite this document
Summary
Success of the European Union in Creating a Single Market 1.0. Background and Fundamentals In assessing the success of the European Union in creating a single market, it is useful to understand the basics in economic integration. According to Dominick Salvatore, the fundamental forms of economic integration at the international level are preferential trade arrangements, free trade area, customs union, common market, and economic union (327)…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
European Union, how successful was it at creating a single market
Read Text Preview

Extract of sample "European Union, how successful was it at creating a single market"

Download file to see previous pages

A free trade area is a form of economic integration wherein all barriers to trade, not only tariffs, are removed among participating nations although each nation maintains its trade barriers with other nations who are not members of the free trade area (Salvatore, 327). This was the situation in 1960 in the European Free Trade Association (EFTA) organised by the United Kingdom, Austria, Denmark, Norway, Portugal, Sweden and Switzerland (Salvatore, 328). A customs union provides no tariffs or other barriers to trade among member nations of the customs union and, in addition, the custom union harmonises trade policies with the rest of the world (Salvatore, 328).

According to Salvatore, this was the status in 1957 of West Germany, France, Italy, Belgium, the Netherlands, and Luxembourg (328). A common market goes further than a customs union by “also allowing the free movement of labour and capital among member nations” (Salvatore, 328). According to Salvatore, much of Europe became a common market in 1993 (328). Finally, an economic union is a significant advancement from a common market because in addition to the free flow of labour and capital among the members of the union, the economic union unifies the fiscal and monetary policies of member nations of the economic union (Salvatore, 328).

Fiscal integration in the European Union is not immediately apparent. However, one good evidence of monetary integration is the launching of the euro as “the common currency of more than 300 million Europeans on 1 January 1999” (Europa, “The history of the European Union”).1 A study of Kocenda and colleagues in 2008 indicated that the monetary union within the European Union did not “encourage fiscal convergence among its members” (1). Thus, viewed from the perspective of advancement from a preferential trade arrangement and growing into a free trade area, then into a customs union, then into a common market, and finally into an economic union, the formation of the European Union itself can be credited as a solid achievement in the creation of a single market.

However, it is also possible to see the European Union as an act of protectionism of member countries of Europe against the rest of the world. In this sense, one can also view the formation of the European Union as a possible obstacle to the creation of a single market worldwide: a group of nations operating as a bloc or club within the World Trade Organisation (WTO). 2.0. Mission of the European Union The European Union, however, is more than an economic union. It is a political union as well among countries sharing a common vision and objectives.

Europa, the official website of the European U

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“European Union, how successful was it at creating a single market Essay”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1422299-european-union-how-successful-was-it-at-creating-a
(European Union, How Successful Was It at Creating a Single Market Essay)
https://studentshare.org/environmental-studies/1422299-european-union-how-successful-was-it-at-creating-a.
“European Union, How Successful Was It at Creating a Single Market Essay”, n.d. https://studentshare.org/environmental-studies/1422299-european-union-how-successful-was-it-at-creating-a.
  • Cited: 0 times

CHECK THESE SAMPLES OF European Union, how successful was it at creating a single market

EU Single Market Program and Monetary Union

The study "EU single market Program and Monetary Union" discusses the implementation of the EU single market program to create a monetary union with special attention to defying the holdup problem.... However, the implementation of the single market Programme and the Monetary Union seems to defy our idea that hold up problems inevitably occur in the European Union policies except in the case of the UK opting out of the single currency.... he single market Programme (1987-1992) involved the market integration of European Union member countries primarily to create an upsurge in foreign direct investment....
8 Pages (2000 words) Case Study

Advantages and Challenges of European Integration To Business

The two major changes in the economy are the development of a single market and a customs unions between its member states.... In a survey done in 1998, the creation of a single market was seen to have a positive effects on the companies.... The Europe's Department for Business, Innovation, and Skills has reported major benefits of the single market to business, consumers and employees.... According to European Commission statistics, in broad terms, the single market project has meant: “EU Gross Domestic Product (GDP) in 2002 was 1....
8 Pages (2000 words) Admission/Application Essay

The European Union

This case study "The european union" examines the view that the European Community has a “significant presence” in the world, the structural influence of stronger or weaker policies.... dditionally, as a democratic force and as an international body, the european union is unique amongst its peers since it has a very complex and highly evolved system of creating and establishing its democracy.... As a market on its own, the EU becomes significant because of the large population, the availability of resources, and the production opportunities which are present in the region....
12 Pages (3000 words) Case Study

European Union Creation

The european union comprises of a majority of states in Europe.... The 1957 Treaty of Rome was the foundation for the european union.... The european union comprises of a majority of states in Europe.... The 1957 Treaty of Rome was the foundation for the european union.... The cold war was also developing between the Soviet union and United States.... There were also ideas about the peaceful unification of european following the threat from the Ottoman Turks....
10 Pages (2500 words) Essay

Creating a Single Market for Banking Institutions in EU

The present coursework entitled "creating a single market for Banking Institutions in EU" is focused on the EU constructing the economic and monetary union.... The monetary policy is centralized by the ECB (European central bank) the european union has attempted different approaches to economic integration in the banking institutions.... The approaches leave the fiscal policy instruments to the disposal of the governments of european union member states....
6 Pages (1500 words) Coursework

Advantages and Disadvantages of the European Union

The european union is an International Organization that comprises of European countries that joined hands to form the alliance in an attempt to gain strength through unity as a block as well as facilitate free trade between member countries.... The Union provides numerous benefits… However, the european union has its downsides with the main demerits including a loss of sovereignty for member nations among others.... The paper will provide a broader view of the The discussion will also briefly look at the criteria followed by the states in order to be part of the european union....
7 Pages (1750 words) Research Paper

The European Unions Regional Policy

This paper "The european union's Regional Policy" focuses on the fact that created following World War II, the EU, formerly known as the European Economic Community, is a multinational organization which stretches across the European peninsula and reportedly generates 30% of the world's total GDP.... nbsp; … As an economic powerhouse with increasing diplomatic influence and in the large community, the european union represents European integration in a variety of realms....
10 Pages (2500 words) Case Study

The Role of the European Union Single Market for the Development of International Business

e) Moreover, According to a website “The EU comprises a single market created by a system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services, and capital.... The author examines the establishment process of European Union single market in the EU, the main purposes of setting up a Single European Union Market, the benefits and advantages of European Union single market in different sectors especially in international business activities… EU business and citizens would be better supported and informed when they are visiting another EU nation to study,  work and set up a company or to do a business....
32 Pages (8000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us