The Effect Of Eu Integration On The Business Environment Of Member Countries
Introduction
Considered to be one of the most advanced forms of regional economic integration, the European Union (EU) is an assemblage of 27 countries that share a common goal of mutual prosperity, cooperation and peace. There is no other such union in the world, although it in many ways serves as a model of integration that has so far has not been successfully replicated. Being part of the EU has many advantages and disadvantages for countries. The advantages include access to SEM; funds that aid in infrastructure building; and world representation by a larger entity that has more power than a small country alone. Among the disadvantages however, is having to give up a degree of sovereignty that sometimes impedes a country from making decisions outside of the EU. In return member countries can enjoy economic prosperity in the form of barrier-free trade and various coordinated activities governed by a competition policy, an internal and external trade policy, research and development policy, industrial and social policy, etc. The groupings’ position is even further strengthened through a central
European bank and the adoption of a common currency, the Euro, by the majority of its members. The gradual integration of European countries has had an overall positive impact on the economic and political development of member countries, but this trend is best evidenced in the new member countries that underwent significant changes in order to join the EU. This paper will discuss the EU, in terms of its history and impact on the development of the local business environment
Overview
The EU is comprised of the following 27 member states: Austria, Belgium,
Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Germany, Greece, Finland, France,
Hungary, Ireland, Italy, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, The Netherlands, and the UK. It has recognized ...
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