The Benefits Of United Kingdom

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This essay will answer the essay topic on Economic Integration and discuss the extent to which the benefits of United Kingdom (UK) being a member of the European Union (EU) outweigh the costs. In short, giving the advantages and disadvantages of UK being part of the EU. This essay will start with a brief definition of Economic Integration. Followed by, a general introduction about the economy of EU and the UK. Lastly, stating the advantages and disadvantages for UK, being a member of the EU.

Economic Integration being defined as an economic arrangement between two or more countries marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. The main objective of economic integration is
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This agreement involves collaboration between at least two or more countries to reduce the import quotas and tariffs that are considered to be the trade barriers.

Thirdly, a customs union is an agreement between two or more usually neighboring countries to remove trade barriers, and reduce or eliminate customs duty on the common trade. The participating countries set up common external trade policy, but in some circumstances different import quotas used.

Common market is a group formed by countries within a geographical area to promote duty free trade and free movement of labour and capital among the member countries. In short, there are no barriers at all between the member countries. Common market is usually referred as the first stage towards the creation of a single market.

Moving on to the economic union that is a type of trade bloc comprised of a common market with a customs union. The member countries have common policies in few sectors, which involved, product regulation, freedom of movement of goods, services and factors of production such as capital and labour, and common external trade policy.

An economic and monetary union is basically an economic union but with a monetary union. A monetary union is two or more countries using a single currency or different currency but having a fixed shared exchange rate that are monitored or governed by one central bank or it could be few central banks that work closely
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