Latvia in European Union Essay

One of the major benefits of membership in the EU is its strong economy. All members of the EU shares a common market making trade within the EU cheaper and more affordable. According to the CIA World Factbook, The EU has the highest GDP in the world in 2014 with 18.4T

The European Union (EU) is a unique economic and political partnership between 28 different countries. It consists of about half a billion citizens, and its combined economy represents about 20 percent of the world’s total economy (Briney, 2015). Today The European Union works as a single market, with free movement of people, goods and services from one country to another. There is a standard system of laws to be followed, and since 1999 many countries share a single currency called the Euro (Europa.eu, 2015). This essay will explore the background history of the European Union and the benefits and drawbacks of the European Union.

Since 1950 European Union (EU) was created it has promoted peace, prosperity and values among the member nations and its neighbouring countries. EU’s influential tools, has helped transform many European states into functioning democracies and prosperous countries. EU’s membership has grown from 6 to 28 countries (Enlargement, 2014), satisfying a historic vow to integrate the continent bringing in most states of Central and Eastern Europe (CEE) by peaceful ideals.EU has anticipated the enlargement as an extraordinary opportunity to endorse political strength and economic success in Europe. EU’s extension policy is open to any European state that fulfils the EU’s political and financial criteria for membership; still the political process of inclusion of new state requires a unanimous agreement from all the existing 28 member states. Europe is considered to be more flourishing and safer place due to the promotion of democracy, anti-corruption policy and the single market policy.

Since the fall of the Soviet Union 1991 many changes have been brought to Europe. After the fall of the Soviet Union newly formed countries of Eastern Europe found themselves brought into a new era, many of the people had relied on the Soviet Union’s system of socialism to help them with every detail of their lives and to dictate their lives but with this newfound freedom citizens had many changes forced upon them. All they once knew had been taken away so suddenly most didn’t know what to do with themselves. The Government, Economy and Marxist Idealism had all fallen with the Soviet Union. Citizens had no choice but to move on with their new lives because it was as their past lives

The Internal Market of the European Union (EU) is one of Europe’s significant achievements and its greatest resource in times of modern globalisation. Since its creation in 1993, the Internal Market has opened itself more to competition, created jobs and reduced many trade barriers. It is the principal instrument for building a stronger and fairer economy in the EU. It assures the free movement of people, services, goods and capital, and by doing so, creates fresh opportunities for businesses and consumers. The Treaty on the Functioning of the European Union adopts measures with the aim of combining national markets in a single market with the characteristics of a domestic market. The vision is that it should be as easy to trade between London and Madrid as it is between London and Manchester.

 Economic interdependence means lesser escalation of political conflicts.     Impediments to Integration   Inefficient industries lose out (e..g US steels, and textiles) however, if a country  protects these inefficient industries, this in turn will make other industries become less  internationally competitive, due to the high cost of imports.    Governments are forced to compromise some degree of national sovereignty.    National interests may not equal regional instruments    Political/industrial interest groups (need to be overcome).    Third largest population of 500 million (after China and India), 340 million high income  consumers.    World largest economy in terms of GDP    Reasons for formation of this union:   o Avoid future political conflict   o Gain size, scope and efficiency advantages that allow European nation state to  compete with the US and Japan.

Firstly, it is going to look at how post-war integration started through the prevention of war and to create peace throughout the European States. Secondly this essay will discuss the economic changes and influence it had on creating a political union. Then it will discuss how this created political unity along with how it affected integration and finally created the European Union. While lastly coming to a final conclusion as to what motivated integration after the war.

The past 30 years have been filled with great change and turmoil for many of Europe’s countries. The rise and fall of the USSR as well as widespread communism throughout Europe deeply effected many nations and forever changed the course of their economies. Independence came with a sigh of relief but also a lingering question of how to effectively reenter a market that had been inaccessible for years. Coming up with a plan to transition into the global economy was difficult, and once established implementation was even harder. New policies and reforms were met with resistance and many nations had to work hard to erase the lingering effects of communism from within their economy. Nevertheless, this hard work, in many cases, did pay off and ultimately

As the EU includes 27 states therefore they would inevitably face difficulties due to the diverse range of national interests. On the other hand increasing numbers of policies are decided on a supranational level and therefore speed the process, for example decisions relating to trade or agriculture. However vital policies such as Defence remain intergovernmental, as do decisions such as the accession of new states. The effect of recent economic crisis has made an impact on the creation of EU superstate. The global downturn, which originated in 2007 created the ‘Eurozone’ crisis. As a result EU bailouts have been organized for Greece, Ireland and Portugal. The fear of the crisis extending further across Europe has caused a loss of confidence in the EU, and in particular the euro. There has even been speculation that Greece may have to exit the ‘Eurozone’. Alternatively it has also caused some to call for further integration, arguing the crisis has shown the need for tighter budget rules throughout the EU.

It will summarise the impact of the EU integration on business, discussing possible proposal of recommendations for problems, and finally discussing the important economics models with examples.

The main interest of this work is to analyse this trade alliance from three different points of view to outline the similarities and differences in contrast to the European Union. To figure out about the initially mentioned question it is planned to start with the economic point of view in the first part. The second part will deal with the political aspects whilst

There are many benefits of trading within the EU, the agreement in 1993 was effectively the start of what we now refer to as the single market, it removed the borders of a member country for trade enabling the free movement of goods between members without the encumbrance of the customs process and reducing the need of a significant amount of accompanying documents that was required for goods being moved across borders. Previously it was necessary for goods to be shipped with certificates of origin, Invoices, packing lists with a full breakdown of package contents. If moved by road, which is the normal method of transport within the EU, a CMR transport note

The current international system is characterized by growth in globalization hence regional integration is becoming a common phenomenon in most parts of the world. As a result of states becoming more interconnected, most of them have opted for regional integration so as to enhance trade between states thus boosting economies of the states as well as the regions as a whole. Besides free trade, regional integration has seen to it the elimination of trade barriers, free movement of goods and people across borders, regional co-operation in issues to do with peace and security within the regions among various other benefits of regional integration. One of the regions that has grown as a result of regional integration is the European Union (EU), which is an economic and political partnership composed of 28 European countries. This paper will focus on the EU and give a theoretical analysis of the Brexit while giving lessons of integration and liberalization based on the Brexit.

Latvia as a Baltic country, has interesting economic story. It has moved from one union to another in just over 20 years. Surely, it assumes good level of economic decisions to be done. Previously, USSR member still had some consequences from command economy. Therefore, decided to join European Union (EU) in order to move to market economy and stop being dependent on Russia. EU helped Latvia to create more trade, raise domestic market and bring specialisation by comparative advantage, which led to rise in welfare and output. This year from January to June, Latvia is holding presidency of the council of the EU.

With the effect of the Single European Act on 1st July 1987, the emergence of European Union (EU) as a common market has essentially been created. The benefits of this act are substantial to European firms, economies, and workers. It eliminates conflicting national regulations and trade barriers, as well as offering firms opportunity to sell their goods to all other EU members (Griffin & Pustay 2005).