The establishment of the European union has given its member states numerous adavantages and has helped them progress into a unified entity that cant be challenged. From agriculture to political, the member states share policies that are not only mutually beneficial but also…
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The advantages that the member states have are worth an elaborate description and this would be followed shortly. First however lets first mention the euro and the European Monetary Union. The Euro, which is a common currency shared among 16 out of the current 27 member states has had a significant impact onto the union body. Around five countries also generally accept the currency even if they do not recognize it officially. Naturally as European Union constitutes some of the most major countries of the world, their medium of exchange has a significant impact onto the exchange market. It is arguably, the second most traded and important currency of the world after the U.S. Dollar.
Although accepted by all the euro accepting countries, the European Monetary Union constitutes of 12 countries out of the 27. They share policies and affects. The member states act as a unified economic body and their macro and micro implications and choices are termed and analyzed as one.
The first and foremost advantage of the same currency policy is indeed the reduction in transaction costs. To do business, even with the neighboring countries, one has add on additional amounts to the host country so that one’s currency is received there. It was estimated that to do business, the member countries used to spend around 1.5 billion pounds every year to buy and sell foreign currencies so that the visiting people could have money at their disposal. This however was more problematic for the members were naturally inclined to trade with their neighboring countries so as to cut on the transportation costs. However, the cost of transaction eventually reduced the amounts of revenue generation and profits and left them less motives and inclinations to trade. The same currency policy however, by the introduction of the Euro, gave the members the liberty to practically go along the border and do business with the same money that was in his/her pocket
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(European Business Essay Example | Topics and Well Written Essays - 2000 Words)
“European Business Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/miscellaneous/1567167-european-business.
Since then, the EU has undergone tremendous growth in size, with the entry of new member states, and in power, through the addition off areas of policy to its merit (Nelson et al. 2012 P.1-5). The EU works through a system of supranational independent institutions and inter-government negotiated resolutions by the member states.
European Union was established for the welfare of the member countries. The standard of living of the people varies between them. This is the important difference to strike the correct balance for the many problems that confront the EU. Immigration is one such volatile issue.
Federal approach to government enhances the unity amongst the provinces. It provides a way to communicate nationalism more strongly than the autonomous units operating in complete isolation. True union in terms of federal approach can be described by a hypothetical name termed by writers and researchers as United States of Europe (USE).
Looking at the overall EU business exports, the following figure shows a major reduction in proportion of businesses that exported in 2006. This was mainly because of the weakened export opportunities within the EU. Poland was the only country which showed no change in export patterns which is reflected in the benefits it received in its run-up for the EU accession (Thornton 2006).
In fact, the crisis has augmented the gap between the resilient core and susceptible peripheral member countries. This paper shall discuss how the institutional structure of the Eurozone got agreed, in such a way that it became unprepared, to meet the challenges posed by the recession since 2008.
(England (which had incorporated Wales in the 16th century) and Scotland have had the same monarch since 1603, when James VI of Scotland succeeded to the English crown as James I; the kingdoms were formally united by the Act of Union in 1707. An Act of Parliament joined Great Britain and Ireland in 1801, but the Irish Free State (later the Republic of Ireland) broke away in 1921.
It has created enormous opportunities for competitive Business enterprises.
Like other Businesses Greeting cards Business and related services have tremendous opportunities to grow and expand in the lucrative single market of EU. Burton International Ltd.
BOP encompasses goods, services and income, transfers such as, gifts and pension as well as financial claims and liabilities. BOP is, thus, an important tool for formulating national and international economic policy (Economics.Help, 2014).
The UK has faced a
d certain comparative advantages as well as absolute advantages for the countries that further contribute to the economic development of individual economy within the union. It has been driven with the objective to retain these comparative benefits in the global platform that EU
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