QUESTION 2: Consider the current discord among European Union members. Why is it so important for the countries to maintain harmony? How does the level of economic integration achieved by these nations influence this situation?
The European Union is an economic union consisting of 27 member states. To make a free market and remove trade barriers between member states are the ultimate aim of European Union (Hill p289). Among these ,17 nations are members of the ‘Eurozone’, distributing a currency with the purpose of further assimilating economic systems and plummeting trade obstacles caused by international currency conversion . As a member in Eurozone ,their fundamental goal is to maintain harmony because they have to depend on each other and their economy are interrelated. Although they tried to build harmony among themselves that is essential for them to avoid violence and helps to bond a strong political relation among each other .However , various level of social and economic growth as well as the change in values ,principles and political situation between members are the chief causes of discord among them. The current discord among European union (EU) which is one of the biggest financial and political union ,could be the regional economic combination which has been hindered the free trade of some countries across the EU. By local economic integration in today’s globalization, contracts among countries in a geographic region to attain economic improvements from the free movement of trade and investment among themselves (Hill, 2013). The Eurozone is obviously having a decline, unless a new wave of crisis. The London Financial Times states that, an 11 billion euro has been originated in the program for saving the Greek economy. The publication conditions that before the end of this year, the governments of the European nations which are the central holders of Greek debts want to allot an average half of that amount to the Greek government. Or else...
References: Discord Mounting in the European Union (III) by Pyotr ISKENDEROV
Hill, C WL (9ed.) 2013, International Business: Competing in the Global Marketplace, McGraw-Hill Companies, New York.
Dallago, B 2013, 'Financial and real crisis in the Eurozone and vulnerable economies ', European Journal Of Comparative Economics
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