Pros and Cons of the European Union Essay -- European Union Economics

Do you think it is useful for a country to join into a union, especially the European Union, to strengthen their economic position? The question could be simple to answer but an individual must look much deeper into the situation. For instance, what are the pros and cons of joining a union? The European Union has many pros but also many cons. The European Union was formed in February 1992 with the signing of the Maastricht Treaty. It consist of originally twelve members – Belgium, Denmark, France, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, United Kingdom, and Germany. Those twelve members originally formed the European Union until 1995 when three other countries joined the Union – Austria, Finland, and Sweden. The European Union currently is formed of twenty-five members with the ten new members – Cyprus, Malta, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia being added in 2004. In 2007 two other countries (Romania and Bulgaria) could join the European Union. European Union covers a mass majority of the Europe and the current Union membership covers a population base of nearly half a billion people. In 1992 the European Union decided to go for economic and monetary union, involving the introduction of a single European currency managed by a E uropean Central Bank. The single currency, the euro, became a reality in January of 2002, when euro notes and coins replaced national currencies in twelve of the 15 countries of the European Union (Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland). (Europa) The information below will consist of the pros of the European Union. With the development of the European Union the countries are able to have the benefit of the principles of European integration, such as free competition or free movement of goods and capital, which will encourage the movement from a post-socialist economy to a free market economy in East-central Europe. The principle of free movement is saying that you can work and study anywhere in the Union if you are a citizen of the Union. By spending part of their education or training in another European Union country, the citizens can acquire an insight into other work environments and gain skills that are very useful in later life. By having a closer joint effort and sharin... ... the European Union. It has several characteristics about it that I do not like. For example, I do not like how the Union only has a single interest rate. I think that each economic cycle needs different interest rates for certain situations that occur in the Union. For instance, if you are in the European Union and let’s say you are going through a depression you are going to need to lower the interest rate but in the European Union you have no choice. The information above in the paper about the European Union has many pros and cons. The only reason the countries are entering the European Union or any other union is they feel it makes their country stronger and better economically. Yes, when you enter into a Union you are gaining some things but what some countries do not see are is that you are giving up just as many or more things. Works Cited Niebor, Jeremy. The pros and cons of Economic and Monetary Union. 1998 http://www.bullen.demon.co.uk/niebor.htm Venckute, Jurgita. European Union: New Members. 2003, http://www.debatabase.org/details.asp?topicID=233 Europa. The History of the European Union. 2004 http://europa.eu.int/abc/history/index_en.htm