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Benefits Of The Eu Essay

1047 words - 5 pages

Benefits of the European Union.

The European Union is an organization of democratic European countries based on the idea of committing to working together for peace and prosperity. In the recent years the Union is considered to be one of the most strongest and most influential organisation in the world. Therefore all questions related to this are become questions with significant matter. In this essay I shall be firstly define my academic subject with presenting a short résumé of the history of the European Union followed by an explanation of its main benefits and why they are so important. In order to support my arguments I shall use reliable sources and materials, whose ...view middle of the document...

This is one of the main democratic characteristics on the Union.

The core of the Union, which is the single market, consists the main benefits and advantages that European Union can offer to its citizen. From 1 January 1993 the European Community formally became a Single Market without internal frontiers. What does this actually means? This means that people, goods, services and capital will be able to move around as freely as within one country. (EU Law 2006, p.369). Its creation was one of the main objectives of the original Rome of Treaty (1957). These four freedoms of movement are underpinned by a range of supporting policies and they are the engine of the single market. Consequently many standards have been harmonized for hundreds of products, producing a level playing field for manufacturers across the EU, regardless of where they are based. Moreover the process of harmonization of goods produced in one country of the Single Market by all the others means that if this product is high quality to be sold in one member state, it cannot be excluded from sale in another.  The overall effect has been to turn the EU into a huge “domestic” market for all citizens.

The introduction of the single European currency on 1st January 1999 represented, without doubt, a revolution in the way economic matters of Europe are managed. This is also the other main benefit result from the integration process in the European Union. The single currency brings new power and opportunities result from the integration and making the internal market more efficient. Before the Monetary Union, the need to exchange currencies sometimes meant extra costs, many risks and a shortage of lucidity in cross-border transactions (The Economist, p.17). With the single currency, these problems do not exist any more and business relations are much more effective and less risky. The key to economic stability comes from the fact that European Monetary Union creates the world’s largest internal market. According to figures presented by the European Commission, (The Economist, p.19) the EU generates almost one-quarter of the...

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