European Union

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European Union

What is the EU?

The European Union (EU) is a political and economic association of 28 European states that was formed through mutual agreement from the nations. EU is responsible for coordinating trade, security, economic and cultural matters within the region. Currently, EU has managed to create its own currency, the Euro, strengthened trade relationships within the world, and improved the living standards of tits member states through grants and loans (Smith 34).

What is the EMU?

The Economic and Monetary Union of the European Union (EMU) refers to a group of strategies designed to unify the economic demand of the member states in EU. EMU was meant to be implemented in three stages from 1990 to the current year (Dosenrode 12). Maintaining a consistent economic performance is important for new and existing states in the EMU setup. EMU is important as it controls the uninhibited economic policies by individual states that would affect EU negatively.

What is the Treaty of Rome?

The Treaty of Rome was an agreement signed in 198 that initiated the creation of the European Economic Community. EEC was interested in lowering custom duties, improving labor conditions, and enhancing the transport network for its six member states. This latter organization was later renamed as EU (Phinnemore, and Alex 28).

What is the Lisbon Treaty?

The Treaty of Lisbon was an international accord that sought to rectify the relationship between the Maastricht Treaty and the Treaty of Rome that create EU. Changes sought to improve the voting methods and introduce an element of democracy through majority voting (Laursen 45).

What are the Maastricht criteria?

This was a set of five criteria laid out by the Treaty of Maastricht before they could adopt the European Union currency, the Euro. One, all the states should limit their inflation at or below 1.5% point of the average of the lowest inflation rates for three EU states (Lipińska 15). Two, all interested states should not have a national budget deficit blow 3% of the GDP. Three, the national debt was not to exceed 60% of the GDP (Lipińska 16). Four, the long-term interest rates were to be kept at or lesser than 2% points of the lowest inflation rates for three EU states. Lastly, the national currency was expected to join the ERM two years before it could join the EU (Lipińska 19).

What is the role of the ECB?

The Europe Central Bank plays the role of administering monetary policy for the EU. Another major role involves stabilizing the prices within the European market zone using economic strategies (Hamori, and Naoko 78).

What is the effect of Euro on the members’ economies?

The introduction of the Euro on the member states has been very positive, as it has triggered economic growth of between 4 to 6% (Frankel 94). It has also increased trade flows between the states. Weaker states within the Euro zone have also realized economic stability and improvement (Frankel 186).

What is the relationship between EU and U.S.A.?

The bilateral relationship between the USA and EU has been centered on negotiating trade policies. The strength of EU’s trade bloc offers significant competition for the United States but both regions have cooperated in commercial matters. Diplomatically, the two groups of states share numerous consensuses on matters such as terrorism, food stability, and international law (Herlitschka 28).

What could be the future of the EU?

The European Union has displayed the ability to be sustainable and profitable to its member states by combining the resources and efforts of all the nations. Indeed, the benefits of the economic and political integration far outweigh the disadvantages. In the future, EU will likely increase it grip over the member states, entrench itself globally, and work to integrate itself with other foreign financial networks in other continents (Herlitschka 87).

 

Works Cited

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Dosenrode, Sören. Political Aspects of the Economic and Monetary Union: The European Challenge. Aldershot [etc.: Ashgate, 2002. Print.

Frankel, Jeffrey A. The Estimated Effects of the Euro on Trade: Why Are They Below Historical Effects of Monetary Unions Among Smaller Countries? Cambridge, Mass: National Bureau of Economic Research, 2008. Print.

Hamori, Shigeyuki, and Naoko Hamori. Introduction of the Euro and the Monetary Policy of the European Central Bank. Singapore: World Scientific Pub. Co, 2010. Print.

Herlitschka, Sabine. Transatlantic Science and Technology: Opportunities for Real Cooperation between Europe and the United States. New York, NY: Springer, 2013. Print.

Laursen, Finn. The Making of the EU’s Lisbon Treaty: The Role of Member States. New York: P.I.E. Peter Lang, 2011. Print.

Lipińska, Anna. The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries. Frankfurt am Main: European Central Bank, 2008. Print.

Phinnemore, David, and Alex Warleigh. Reflections on European Integration: 50 Years of the Treaty of Rome. Basingstoke [England: Palgrave Macmillan, 2009. Print.

Smith, Norris. The European Union. Bronx, NY: H.W. Wilson Co, 2005. Print.

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