The European Union, A Common Currency, The Brexit, And The Migrant Crisis From The Middle East

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.

The EU was created in the midst of a war in attempts to unite Europe under a common government. After 43 years of rebuilding foreign affairs, have their attempts made a positive impact on the modern Europe? Many argue that the EU takes a toll on country's sovereignty. They lack in allowing countries to be apart of the union, without masking the unique culture and diversity of that country. Despite the advantages of being apart of the EU, the disadvantages highly outweigh them in the areas of economic, independence and cultural identity.

Whether the United Kingdom decides to join the European single currency and replace the pound with the euro will have profound economic as well as political effects on the country so is a very important decision and has considerable variations in attitudes towards the topic, although the British public opinion has consistently opposed joining the euro. The euro is currency shared by 18 of the European Union's Member States. The euro was introduced in 1999 and automatically became the new official currency of 11 States, followed by another 7 countries joining to date. However, the UK negotiated an opt-out to from the Treaty meaning they don’t have to adopt the common currency as they fit a certain criteria [1]. Joining the European single currency can have major advantages for the UK, such as diminished uncertainty of exchange rate for businesses and the decreased need to pay transaction costs of changing currencies when abroad. It can also have disadvantages such as loss of domestic monetary policy and variable rate debt in the UK.

The European Union was created on the notion of peace and prosperity. But has it really lived up to its promise? Tensions are brewing. Maybe it’s time to leave the EU once and for all. The EU originated after the Second World War, with only a few countries within it, but it has grown over many years and now has twenty-eight different countries. They share a national anthem that binds them through the power of music. The EU now presents more disadvantages than advantages, the countries participating have their cultural diversity being limited, their own countries laws are being superseded by those of the EU, and their economy’s are too dependent on one another.

Over the past several years, the European Union’s response to crises illustrates its resiliency, with the Union itself serving as the main support system for countries in need. Unfortunately the once prosperous European Union currently experiences a gradual decline in effectiveness. Political Scientists Sebastian Rosato and Douglas Webber highlight the issues plaguing the European Union, with Rosato focusing on post-Cold War Europe and Webber focusing on the rise of nationalists and the Union’s reliance on Germany. While each scholar takes a different approach in explaining the downfall of the Union, they each conclude that the European Union is not on a positive path. Both arguments provide valuable insight, however, Webber’s argument appears

The European Union (EU), since the initial foundation in 1952 as the European Coal and Steel Community (ECSC) and throughout periods of development, has been considered one of the most advanced forms of regional integration. It, based on numerous treaties and resolutions, has strived to promote values such as peace, cooperation or democracy, and in 2012 was awarded the Nobel Peace Prize for having “contributed to the advancement of peace and reconciliation, democracy and human rights in Europe” (Nobel Media AB, 2012). Despite its struggle for promoting democracy, the EU itself has long experienced scholarly criticisms that it suffers the democratic deficit, from which its democratic legitimacy is undermined by observable problems in

If considering the European last decades, it is undeniable that, although it still represents one of the largest economies in the world, its role of trustworthy political integrated community has been deeply undermined because of its inability to face external shocks mostly due to its incapacity to deal with itself. It is therefore envisaged for the European Union the mandatory duty to rediscover itself and to make the world aware of its potential.

On 25 March 2017, the European Union will celebrate the 60th anniversary of its existence. Nevertheless, the European Council and the presidents of the twenty seven member states are aware that it is not a perfect union.

This story is enlightening due to a clear overview of how a single currency with the ultimate goal of union and growth results idealistic as differences, not only regarding cultural and social backgrounds but also political ones, makes it very difficult for the Eurozone as a whole to have the same objectives and interests.

In the midst of an influx of migrants and an ongoing Euro crisis, the disunity of the current European union has become apparent. The implementation of a “United States of Europe” - a partially federalized system with a popularly elected president - has been proposed. The alternative to this system is the potential abandonment of the Euro, and consequently European integration altogether. In contrast, some argue that deeper political and fiscal integration is impractical, and that the existence of a United States of Europe is not within the political reality of various European states. The European Union as it currently exists is a half-hearted attempt at integration; both arguments ultimately advocate change. The existence of a United States of Europe would result in a detrimental loss of state sovereignty and presents an insurmountable challenge of unification on political, societal, and cultural levels.

The Second World War is considered to be the bloodiest conflict in the history of mankind with over 60 million deaths in a span of six years. After the end of the war in 1945, many people, Europeans, were determined to prevent any more bloodshed and destruction of that scale from happening again. The first step towards communion between the European countries was to implement economic cooperation. Economic cooperation is the cooperation between countries in terms of imports or exports of goods and borrowing or lending of capital and payments. This soon led to the creation of the European Economic Community (EEC) in 1958. This increased economic cooperation between Germany, France, Italy, Luxembourg, the Netherlands and Belgium. Over time, this economic union became an organization that was involved in the environment and aid. The EEC soon changed its name to the European Union (EU). So far, the EU has been successful in maintaining peace in Europe. It has brought many benefits to its member state. Since its creation, peace has been maintained and outbreak of a war has been prevented. The Lisbon Treaty came into effect in 2009 and was signed by 13 of the EU’s member states. The states benefited from a common foreign and security policy. The civil and political rights of its citizens are being protected under the European Court of Human Rights. However in the economic field, the EU has some problems. The Eurozone Crisis showed the inability of the member states to manage

A common currency also minimizes uncertainty about exchange rate fluctuations among member nations. However, as is often the case in economics, there exist tradeoffs that policymakers must recognize. The most notable is that by joining the Eurozone, a nation is relinquishing its abilities to operate their own central bank and easily enact desired monetary policy. Obstfeld warned in 1998 that “nationally asymmetric real shocks” could make transitioning to the Euro difficult for nations (4). Maurer notes that today the EMU has resulted in convergence of nominal interest rates but divergence of real interest rates due to differences in business cycles (5). If business cycles among Eurozone members were to converge however, it might make sense to have a unified central bank and monetary policy. Massmann and Mitchell report that depending on how one measures this convergence, one can get drastically different results (16). These results yield a weak argument that the cycles have converged and suggest centralized monetary policy might be inappropriate at times for some members.

People have created unions many times but not all of them were successful, specifically when we consider alliances among number of countries with different economics, political systems and culture. For instance, last century brought both the biggest collapse and the most promising union in the modern history. Although U.S.S.R has disappeared from geographical maps, some of its members joined another alliance. The European Union (EU) is an economic and political partnership that united 28 countries on the European part of Eurasia and represents a unique form of cooperation among members today.

The European Union (EU) was established in order to prevent the horrors of modern warfare, experienced by most of Europe during the World Wars of the 20th century, from ever ensuing again, by aiming to create an environment of trust with the countries of Europe cooperating in areas such as commerce, research and trade (Adams, 2001). The EU has evolved into an economic, trade, political and monetary alliance between twenty-eight European Member States. While not all Member States are in monetary union (i.e. share the currency of the euro), those that are form the ‘Euro-zone’ (Dinan, 2006). The EU can pass a number of types of legislation, with a regulation, act, or law, being the most powerful. Its ‘tricameral’ (European Union, 2007)