The European Union ( Eu )

1684 Words Dec 12th, 2015 7 Pages
The European Union (EU) is one of the largest collective economies in the world, containing twenty-eight member countries encompassing much of the European continent. With its size, age, and economic diversity, there is no doubt that this single market region should be one of the most prosperous economic areas in the world. By design, all individual EU member countries, and the businesses within them, should be able to easily access the vast markets that exist throughout the EU. The fundamental idea of the EU is to have a single market region where there are few (if any) barriers to the movement of goods and services throughout respective member countries. With the reduction of barriers to doing business, having a single market should help substantially grow business throughout the European economy by increasing competition and trade, improving efficiency, and helping cut prices of both business inputs and finished products (source 1). However, since the world recession that began in 2008, the EU has struggled to gain back its economic foothold and businesses are struggling to succeed. According to an August 2015 article from The Economist, even seven years after the recession first began, the EU is still growing slowly and having a hard time returning to its pre-recession economic success (Source 2). While some of the slow EU growth can be attributed to the major collapse of some important EU member economies such as Greece, Spain, and Ireland, some of the lack of…

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