European Union Description Essay Research Paper In

European Union Description Essay, Research Paper

In 1967, three European establishments merged. The three establishments were the European Coal and Steel Community ( ECSC ) , the European Economic Community ( EEC ) , and the European Atomic Energy Community ( Euratom ) . When the three merged, they formed the European Community or EC. On November 1, 1993, the 12 members of the European Community ratified the Treaty on European Union, or Maastricht Treaty. The 12 members were- Belgium, Denmark, France, Germany, Great Britain, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The states of the Benelux Economic Union- Belgium, the Netherlands, and Luxembourg- continue to and in some ways as a individual economic entity within the European Union. The EC became the policy-making organic structure of the European Union. In 1994 Austria, Finland, and Sweden became members of the European Union. By 1997 more than a twelve states had applied for European Union rank, but the European Union had merely admitted the three listed supra. The other states that applied for rank include Turkey, Cyprus, Malta, Switzerland, Hungary, Poland, Romania, Slovakia, Latvia, Estonia, Lithuania, Bulgaria, and the Czech Republic. Of those states, six are considered associate members of the European Union: Bulgaria, Czech Republic, Hungary, Poland, Romania, and Slovakia. Three other countries-Estonia, Latvia, and Lithuania-are being considered for associate rank. Other possible European Union appliers include members of the European Free Trade Association. The European Union was expected to make up one’s mind which counties it would open dialogues for full rank with by the terminal of 1997. The intent of the European Union was to increase economic integrating and strengthen cooperation among its member provinces. European citizenship was granted to citizens of each member province, under the Treaty on European Union. Customss and in-migration understandings were enhanced to let European citizens more freedom to populate, work, and survey in any of the member provinces, and boundary line controls were besides eased. The European Union besides set a end of set uping a individual European currency, the Euro, by 1997 ; this day of the month was subsequently changed to 1999. It is proposed that full circulation of the Euro is to be in consequence by the twelvemonth 2002. At that clip the single provinces notes will no longer be valid. The European Union & # 8217 ; s efforts to set up a individual European currency have had some contention. An illustration is, some member states, such as Great

Britain, have worried that a shared European currency would endanger their national individuality and their government’s authorization. On the other manus, some of the other European Union member states have been fighting to run into the economic demands for take parting in a common currency. To run into the demands, which include a budget shortage of no more than three per centum of their gross domestic merchandise, by the deadline of late 1997. To run into the demands some states have imposed budget cuts and new revenue enhancements. Some of the steps taken by these states have faced some opposition. The people who will chiefly profit from the common currency are the European citizens. The overall benefit that the euro will convey is a stable economic environment that will take to low rising prices and low involvement rates. There are three chief countries that the member provinces will derive nest eggs from, they include, decreased losingss created by currency exchanges, lower costs created by better competition in the euro zone, and a more favourable trading and investing environment for local concerns. The decrease of losingss due to the riddance of currency exchanges within the euro zone will bring forth about a whole per centum point of one-year European Union GDP every twelvemonth. The usage of a common currency will let easier monetary value comparings in the member provinces. By extinguishing the currency exchange hazard, economic and pecuniary brotherhood will convey more concern and trading potency to commercial companies, particularly little and moderate-sized concerns. Large European companies will hold a decrease in a batch of their costs, chiefly in the procedures of foreign exchange minutess. Consumers will profit greatly from the common currency. Some of the benefits include: decreased costs for going to other states ; easier and less expensive transportation of financess to other states ; increased competition between concerns, which will take to lower monetary values ; low involvement rates ; and more economic growing, which will take to increased occupation security. The European Union has recognized that the interlingual rendition of values to the euro will be confounding to the populace, so considerable attempts will be made by private operators and public governments to do it every bit easy as possible for the people. The chief entities that will hold a disadvantage from the passage to a common currency will be the companies, big and little, that have failed to adequately fix for the alterations.

Bibliography

Law of the European Union, by Penelope Kent 1999. Pitman Printing