The European Union 's Economic And Monetary Union

Addressing some issues, the European Union decided to issue 750 million Euros in order to start the process of financial stability for the whole union (Mckee 524). Over time, the union learned that that the amount of money was not enough in order to help each countries’ individual financial crisis. As of now, the union has to increase the amount of money they are feeding to countries in hopes of fixing the economic issues. The continuing issue with the European Union’s economic plans is finding the money to keep funding countries with low economic growth. Furthermore, the union also has to figure out how to deal with the issues that are outside of the European Union’s borders. In

The European Economic Community was an organization started in 1957 by France, West Germany, the Netherlands, Belgium, Italy, and Luxembourg, in post War World II torn European. This organization was a union between the Steal and Coal Community and The European Atomic Energy Community. The goal of the organization, heavily influenced by John Monnet one of its founders and National Liberation Committee member at the time, was to build a stronger cohesive Europe through collaboration and economic ties to bring mutual prosperity. This organization and its ideals developed into the well know European Union of today, that currently sits with 28 members. However, one controversial possible membership has increased in importance over the years.

In 1992, twelve countries came together and signed the Maastricht Treaty creating the European Union (Krajewska, 2014, pp. 6-25). The last obstacle that the EU had to face was the different currencies of each country, therefore a decade later on January 1, 1999 the Euro was created. Many countries that adopted the new currency fell within the Euro Area. Each country had to discontinue their old currency and the monetary policies giving control the newly formed European Central Bank (ECB), but each separate country still had their own fiscal policies one of the key reasons for the current debt crisis (Krajewska, 2014, pp. 6-25). The union of multiple countries into a central body seemed to be a wise choice for greater economic growth, but the failure from one country is a failure for all.

There is an erroneous assumption in the world that the concept of the European Union, the notion of having a shared currency, and borderless pan-European continent is a relatively new idea. However, the idea of a pan-European identity as it is known today through the European Union was established after the end of the Second World War, as the need for a united Western Europe was needed to combat the possible threat of war with the Soviet Union. The policies of the European Union went through a long review through the establishment of multiple pan-European organizations, primarily the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), which provided the backbone of the modern European Union, through a number of treaties that encouraged European cooperation. It is through the combined efforts of the ECSC and the ECC that Churchill’s dream of a united Europe in 1949 eventually culminated in the creation of the European Union (E.U), an organization whose role is to protect the economic interests of aligned nations as outlined by the mandates of the ECSC and ECC.

The Eurozone, the economic and monetary union of 19 of the 27 member countries of the European Union, is far from excellent health. At the root of its multi-causal ailment is the Euro, one of the grander experiments in economics in modern history. The Euro sought to be the cornerstone of the multi decade campaign for the full unification of Europe in the ruble of World War II. Politicians conveyed magnificent ideals of full economic and

Nevertheless, the region continues to demonstrate that it can and will resolve each successive stage of the crisis by cooperating as well as sharing decision-making powers. In addition, the members of the union have been on the forefront in the generation of continent-wide institutions as well as building of substantial financial firewall to prevent debt problems from spreading. The region is creating a banking union and efficiency partial fiscal union. From this perspective, the common currency and the entire project of European integration will survive as well

The European Union (E.U.) is a political and economic union that contains 28 member states that are located primarily in Europe. The European Union was formed with the aim of ending recurring and bloody wars between neighbors, which culminated into the Second World War. In 1950, the European Coal and steel community began to unite European countries economically and politically to secure lasting peace. It started out with six countries in what was called the European Economic Community (EEC). Then in the 1970’s, three countries, including Great Britain, joined the EEC. Great Britain joined the EU to strengthen their economy which wasn’t recovering as quickly as other countries in the EEC after World War II. In 1992 the EEC changed their

For the last decade the European Union has struggle to hold itself together against multiple crisis and national rivalries of its member nations. The European Union (EU) has time and time again overcome these union breaking threats. However, since the American recession of 2008, the EU faces its greatest challenge of its short existence: the Eurozone crisis. The Euro, the monetary unit of the EU, is falling due to the fiscal policies of the so called PIIGS nations: Portugal, Ireland, Italy, Greece, and Spain. Even with the support of the heavyweights of the European Union (France and Germany) the nations of PIIGS is suffering heavily from economic depression; this economic depression is causing fractures between the nations that make up the European Union. Situationally, the issue has almost past the limit of no return and causing nations like Italy and Greece thinking about withdrawing from the European Union. If any of the PIIGS nations actually withdraw from the European Union, it would be the first step to the dissolvent of the European Union. The repercussion of a dead EU would be disastrous for the entire continent; one has to remember that the European Union was created to prevent a Third World War from ever erupting. Most Americans would not care what happens to the nations of Europe in this day and age however, the nations of Europe are among America’s greatest allies politically, economically, and militarily. If the EU fails and the continent erupts into war once

Since its founding in 1958, the European Union’s main purpose has been to promote peace, human rights, cooperation, democratic ideals, and the well-being of the European people. It has enabled Europe to emerge from destruction of World War II with a much unified marketplace, connected through a single currency, the Euro. The EU is a unique structure in that it is one of the biggest governing alliances worldwide that has been reasonably successful in its purpose. There are several elements of the structure, such as the European Council, European Parliament, Council of the EU, and the European Commission, as well as many others that help the EU to run efficiently and effectively.

The Treaties of Rome which established the European Economic Community in 1957 announced that a Single European Market was the aim of the development which would accelerate prosperity and contribute to a closer union of the European nations. The Single European Act (1986) which launched the European Single Market programme and the Treaty of the European Union is based on this foundation. The treaties lead to the Economic and Monetary Union and are the cornerstones for the coherent currency. The third step towards the EMU began at the 1st January 1999, when the conversion rate was irresistibly locked in. From then on all the member states operated in a unitary monetary policy. The Euro was established as the legal means of payment and at first the eleven national currencies were reduced to subunits of the Euro. Greece joined the Euro system on 1st January 2001 and finally the European paper money and coinage were introduced to the 12 member states of the European Union on 1st January 2002. The introduction of the Euro presents a milestone on the way towards a united Europe in which the people, the public services and the assets have freedom of movement. The member states hoped to gain from the Monetary Union two kind of chances: On one hand it is supposed to present the motor for further political integration in Europe and on the other hand – in addition to the Single Market – it was expected to launch higher

The European Union (EU) legislation has gone through evolution through many treaties in order to establish a better democratic legitimacy of its legislative procedure. It has been discussed that the core elements of democratic legitimacy can be found in two dimensions, the input-dimension and the output-dimension. The input-dimensions focuses more on citizens’ rights and possibilities for participation and contestation, and their right to elect their own representatives. Besides that, the input-dimension also described that in order for democratic legitimacy to be achieved, the representatives within the EU must be accountable through transparent procedures of election and government in the representative in the system that must be in

An introduction of the new common currency in the Europe was announced on the first day of January 1999. At the first time, there were eleven countries, which decided to join the European Union (EU) and replace their own currency with a new one, the Euro. The Euro has been adopted as a official currency of the country members including Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Portugal and Spain. In order to be accepted to join the Euro, these countries had to agree with the agreement about the price stability, long-term interest rate, government budget deficits, total

The European Union(EU) contains just 7% of the world’s population, but produces 1/3 of the world’s Gross National Product (Delegation of the EU to the US). A single market merges all 28 countries of the EU into one economic free-trade zone with no trade tariffs imposed on one another. The EU accounts for 51% of all trade that the United Kingdom (UK) conducts with the world (The Data Team 2). Since its admittance to the Union in 1973, Britain’s economy has grown from 326 million Euros per capita to 6,116 million Euros per capita in quarter four of 2012. Despite its economic benefits, many have voiced concern over its undemocratic practices. In a summary of the court case Van Loos v. Netherlands Inland Revenue administration, the European

In the aftermath of the 1957 Treaty , the European Economic Community (EEC) was established and customs barriers between the member states have been abolished. Member States throughout the Community, can “promote a harmonious development of economic activities, a continuous and balanced expansion, an increased stability, an accelerated raising of the standard of living and closer relations between them”. Hence, in order for a common market to be established between Member States, the Community enacted some legislative provisions which aimed to a true harmonization of laws; incorporate different legal systems under a basic legal framework. The main issue arising is whether these legal provisions in accordance with the case law, ensured the free movement of goods within this market.

In recent years the European Union has began taking a new shape, positioning itself as a major competitor in the global market. With economies becoming increasingly integrated and globalization creating a new playing field for trade, new strategies have been necessary to grow with and beyond other world markets. Some of these strategies have included monetary unification, decentralization, enlargement, welfare reform, and social convergence. In the following essay I will address of these strategies and convey my thoughts and concerns surrounding them.