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EU Economics - Essay Example

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E.U Economics [Name] [Institution] [Date] E. U Economics Many nations have embraced economic integration as a long-term goal in their economics. This refers to both developed and developing nations, but most successful, on the developed nations. Most of the economic integration goals are aimed at advancing their national and regional economic powers…
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EU Economics

Download file to see previous pages... Europe with countries like Britain and Belgium among others has been always a force to reckon on. Because of the numerous cultural and historical differences, her nations have not managed to fully achieve her economic integration facilitation by the European Union (King, Keohane & Verba 1994). The EU was born after many negotiations before 1944. The idea behind it was to create a common free market for all European nations and foster a healthy relationship between the European nations, which have in the past undergone a hostile history. EU, which acts as an insurance policy against unpredictable global market changes. More so to the countries in partnership, it aims at securing a wider market, expand, and maintain economic stability; enhancing both domestic and foreign investments. The EU’s ultimate price is, to achieve a centralized economy, for her European partnering nations. EU member states negotiate for a common market with one currency and other several policies, ranging from agricultural, industrial, environmental, and workers welfare in general. Politics and European Integration within the EU According to Delanty (1995, p. 125), the rights of a self driven sovereign state does not require limiting the relationship within the trading blocs to operate freely. On this, he claims that nations are free to interact with other nations within a multinational state, without overlooking their relations. The facilitation may be achieved when the relationship between the parties involved, is mutual and no party intend to prejudice over the other, whatever the circumstance. Delanty (1995, p. 127) further claims if the condition is not taken seriously into consideration, political pressure is bound to develop, thus breaking the multinational states in question. Weiler (1999, p. 217) cites that it is the lack of defined nationalistic unity amongst member states that limits the prospects of EU economic, social, and political integration. There have been numerous efforts to forge an integrated European Union. The most vocal ones as seen by the European observers are, creating a common EU flag, citizenship, EU anthem, car number plates, Olympic Games, and history books. Most EU critiques argue that these are doomed to fail due to lack of national consciousness. The only binding factor is commonly shared public pooled money to be shared among the member states. He continues to argue that the EU is an idea by the European powerful nation, to coerce the less powerful nations within Europe to come together, but without full approval and endorsement, of the latter; making the whole process illegitimate and undemocratic (Weiler 1999, p. 278). Observers argue that EU has its own common currency, thus can control both interest and exchange rates. The euro-currency system does not allow the developing as well as the weaker economies to compete. These states cannot receive compensation from their poor resource endowment through adoption of an exchange rate in agreement with their special situations. However, they don’t receive compensation for the loss caused by automatic transfer of resources. The transfer is entailed by the fiscal union members. Weiler further states that the EU’s effort to foster an integrated culture, social, and economic aspects among her member states is bound to fail. This is regardless of all the numerous measures taken by the EU to achieve this mission, amid democratic, ...Download file to see next pagesRead More
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