Academic Discipline: Economics Of The European Integration

The European Union is a unique economic system that was established to protect countries from the nationalism after the Second World War

. It consists of 27 member states that share common policies and priorities. A student will study the integration process of economics on a real example as the European Union still accepts new countries and expands in its size. Sir Winston Churchill once said: We must build a kind of the United States of Europe.

This discipline is quite wide and requires students to study such areas as:

1.Economic development of the European Union

2.Legislative base of the European Union

3.Institutions of the European Union

The EU established a single European market and started to operate with the common currency throughout 16 member countries. Consequently, the majority of the EU states sacrificed the monetary policy that is the main tool to control the national economy.

Other shared policies:

1.Single market

The EU established four freedoms of goods, services, people and capital movement across the boarders of the member countries.

2.Monetary union

The EU accepted a common currency called euro. It is a tool to develop a single market. So, people and capital can move without problems, exchange rates are also eliminated.

3.Budget

The EU established a common budget. All member states have to contribute money from their national budgets in the common one.

4.Competition

The EU created a competition policy that regulates a fair business development throughout the European Union single market.

The EU differs from other systems as it is a union of sovereign countries based on the principle of solidarity. It is significant as, on the one hand, member states share their policies and give the right to control their economies to one supranational institution, on the other hand, member countries try to protect their national identity.

by: Michael Nyleo

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