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

Comments (0) 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 paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.7% of users find it useful
European Union, how successful was it at creating a single market
Read TextPreview

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 pagesRead 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
Comments (0)
Click to create a comment or rate a document

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

Starbucks in Chinese Market

In the year 1996, the coffee giant marked its global presence. Up until 2004, the Chinese government prohibited Starbucks to operate its own stores in China. As a result, the coffee giant enters the Chinese market by joint-venturing with Chinese food and beverage companies and licensing other companies to own and operate its stores--differs from its domestic approach. But the company was able to easily overcome its initial obstacles and marked its presence in China very quickly and successfully with great brand recognition and customer satisfaction. The company also tailors its stores to match the local atmosphere. This is a transnational strategy. “For example, the Starbucks strategy in Shanghai is to attract middle to high...
7 Pages(1750 words)Case Study

The Trade Union Movement in the UK

Before the ERA 1999, union membership and recognition in the UK were characterized by voluntarism, in which employers and employees could bargain over the terms and conditions of employment without any legal interference. With the statutory system ushered in by the new law, voluntary recognition of unions is no longer allowed and it becomes unlawful for British employers to deny recognition to unions under any circumstances. That conveys the impression that ERA created a radical change in British industrial relations. This paper takes the contrary view, however, and proposes that while the new industrial relations law looks revolutionary in principle, there are no fundamental changes in actuality for the change to qualify as &ldqu...
8 Pages(2000 words)Case Study

The Challenges of Foreign Market

Any multinational company is exposed to risks such as change of foreign currency exchange rate, commodity prices, and interest rates because it denominates its transactions in foreign currencies. That’s why there is also some uncertainty in future earnings, liabilities and assets values.
Therefore, before taking a decision on the country of entry, a profound analysis of its current political and economical situation is to be performed. According to Kotler and Armstrong (351-361), a decision on whether to enter a foreign market should be based on a profound analysis of potential risks and opportunities, as well as the company’s internal resources.
The company is a Limited Liability that exports roasted and gro...
11 Pages(2750 words)Case Study

How Tomatoes Can Help Your Heart

Whether tomato is a fruit or vegetable? Well, this question can be answered in both ways. Botanically, tomato is a fruit but it is so frequently used as a culinary item all over the world, it is also considered as a vegetable. Long time back, the tomato was considered as fruit and helped the exporters to avoid taxation but 1893 the Supreme Court put an over this dispute by declaring that tomato was a vegetable and since that time onwards, tomatoes were taxed accordingly. Keeping in harmony with this tradition, till date tomatoes are served as entrée and very rarely as dessert. Apart from side dishes, wide array of main course dishes are also prepared from tomatoes and these dishes are regarded considered as lip-smacking cui...
6 Pages(1500 words)Case Study

Oil Prices by OPEC and Market Fundamentals

Market failure is defined as the inefficient allocation of resources by the market, the free market is considered to optimally prices and resources in the production of goods and services, and this is because the price and quantity produced are determined by market forces which include the demand and the supply. The control of prices by a firm or an organization in the market results in market failure, therefore OPEC leads to market failure due to its nature in the market.

OPEC was formed in 1960 by 5 oil-producing countries which include Venezuela, Saudi Arabia, Kuwait, Iran and Iraq, The aim of this organization was to unify petroleum-producing countries in order to realize fair and stable prices of oil .other oil-pro...
6 Pages(1500 words)Report

Why Was Napoleon Successful in His Bid to Dominate Europe

Napoleon’s strategic styles and unique approach of governance have been used in different ways by rulers across the world not only to keep the civilians of their respective nations under their control but at the same time, his strategic approaches proved to be sources of great inspiration for all those leaders who wished to receive an upper hand over the existing governing systems of other nations. It has always been a matter of great surprise for diplomats, politicians and strategy makers across the world to date that how within such a short period of time and at such a small age he has been able to receive such a huge rate of success. The same note of surprise and respect has explicitly been reflected Georges Lefebvre&rsqu...
11 Pages(2750 words)Article

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

European Union Policy: Turkey

..., a viable market economy and the capacity of the Nation to abide by the policies of the European Union. The Commission screens the suitability of the country in the light of 35”chapters” like food safety, agriculture, energy and transport policies, foreign and security policies etc. Before the negotiations begin, the country may be asked to fulfill certain benchmarks, and the procedure varies depending on the merit of the applying country. The country must indicate a time-line for the implementation of the EU policies and processes. “When all negotiations are complete to the unanimous satisfaction of the member countries, a Draft Accession Treaty is compiled and submitted to the Council, Commission, Parliament and member countries...
9 Pages(2250 words)Case Study

Global Employee Information and Consultation: Replicating the European Model

A significant step to enhancing the employees’ right to information and consultation is the establishment of the European Works Council (EWC). The EWC Directive (94/45/EC) aims to improve cooperation in transnational companies and to allow trade unions to influence, at least indirectly, the decision-making of corporations (Lockwood and Williams). It requires community-scale undertakings and community-scale groups of undertaking to create this mechanism for regular consultation of the workforce. A ‘community-scale undertaking’ is one with at least 1,000 employees within the Member States and at least 150 employees in each of at least two Member States (Lewis and Sargeant).

An EWC is a forum that would a...
9 Pages(2250 words)Coursework

Foreign Market Entry and Diversification

... was a major problem for exportation. However in 19th century situation started to change as national market began to get consolidated. Local companies were becoming stronger than they were ever before. In 1990 a completely new trend was found as the domestic companies began to expand their business in foreign market. Belgian company would be a great example as the company acquired breweries in 20 different countries. In 2004 two of the biggest breweries in the world, Interbrew and AmBev decided merge with each other and the largest brewery in the world was created. This merger and acquisition strategy became popular trend and it is reflected from the list of the top breweries which include SABMiller, Anheuser-Bush and InBev. However...
7 Pages(1750 words)Assignment
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.

Let us find you another Essay on topic European Union, how successful was it at creating a single market for FREE!

Contact Us