The Economic Impact of European Integration

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The Economic Impact of European Integration
Nearly half of the century ago we couldn’t imagine Europe as it is right now. At the time it seemed to be utopia for some idealists. Nevertheless, there were some talks on the “United States of Europe”. However, no one could dream about the European Union. Last decades have shown us how far countries can give up their own interests in order to withstand as one unity. The EU as we know now is an ambiguous system that doesn’t fall neither for state structure neither for kind of ordinary union of states. This phenomenon that we can observe is the result of gradual integration both politically and economically. On the one side, economic integration in Europe, from the European Payments Union and the European Coal and Steel Community to the Common Market, the European Monetary System, the Single Market, and the euro, is one of the most evident, controversial and discussed aspects of Europe’s development. This integration we can say was based on the memories of the World Wars. People living in Europe at the time vividly see the consequences of wars on their lives and they wouldn’t let this happen again. Therefore, they were mentally ready to promote peace and unity throughout the world and Europe in particular.

Furthermore, globalization has attained a prominent place on the world political agenda speeding Europe to become one block against the whole world. Regional integration in Europe is the construction of economies and polities of different countries in a one unique way within the negotiated regions. So, we can discuss the main impact of European integration on the regional level, change in the foreign trade and FDI flows within the EU. Next issue could be the euro, as it has been one of the major factors for development in the last decade in the European Union. An extensive research has been carried out in order to establish the impact of the euro on the different sectors of the European economy like: trade,...
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