Pros and Cons of the European Union Essay - 1073 Words

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†¦show more content†¦Also, with it being a single market, there are no barriers between the other countries. With the removal of custom barriers it will enable producers to cut production costs, which will result in export increases. In addition to this the integration into the European Union will encourage foreign investment. With encouraging foreign investment it will create new jobs and will bring new technologies and experience into East-central European industry and trade. The process of adapting to a single market may be difficult, but it is necessary for economic growth i n the long run. European Union regional policy seeks to reduce social and economic differences between senior and new member states. That is saying the Union is trying to allow the newer member states to compete with the older member states. This helps to solve the problems of a transition period. (Venckute) There will also be lower interest rates. Why do you think there are going to be lower interest rates? Interest rates depend on the state of an economic cycle. The interest rate has to be right for the economic area. That is the issue; not that they should be higher or lower. The interest rate is so important in all this that is said. It is only going to effect the growth and unemployment reduction, if the interest rate is at the high rate level it will produce nil growth and high unemployment. (Nieboer) The information below will discuss the cons of the European Union. ManyShow MoreRelatedPros and Cons of the European Union Essay examples1099 Words   |  5 PagesPros and Cons of the European Union Do you think it is useful to join into a union especially the European Union to strengthen their economic positions? 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 membersRead MoreThe Pros And Cons Of Leaving The European Union1599 Words   |  7 Pagesfurther. 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