EUROPEAN UNION:
- Western European countries
- Central European countries
- Eastern European countries
- Nordic/ Scandinavian countries
EUROPEAN COUNTRIES MAINLY FOCUS ON:
- Human rights protection and democratic values.
- Transparency and accountability.
- Quality
- Good governance
Recently, the European Commission has announced a plan, called Global Gateway, to mobilize
EURO 300 billion by 2027 in public and private infrastructure investment around the world.
Although the plan doesn’t mention China, it is seen as a response to China’s Belt and Road strategy.
EU FORMATION:
- Due to the impact of World War II, certain European countries decided to share their resources. Today the European Union is a group of 27 countries with a single internal market.
- The European Union is a member of G20.
19 of 27 countries in the EU accepted Euro as their official currency.
This group of 19 countries is called the Eurozone/ Euro trade area.
There is no border check in EU countries whereas only police check to check the genuine
transformation of goods and services, people and laborers.
EUROPEAN ECONOMIC COMMUNITY:
- It represents one in a series of efforts to integrate Europe since World War II.
- Certain European countries planned to bring countries in one single platform to achieve social, economic and political cooperation.
- The European coal and steel community was established in 1951 by the Treaty of Paris, signed by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
- In 1955, the UK planned to take part in the coal and steel community but later declined to maintain economic independence.
- In 1957, the European Coal and Steel community was renamed as European economic community. The EU countries tried to bring a common market( elimination of most barriers to the movement of people, goods, services, capital and labors.
- It reformed tariff and trade policy by abolishing all internal trades in 1961.
- The European economic community gradually expanded in the period 1970-80.
- The UK joined the European Economic community in 1974. The UK decided to leave in 1975 and made an attempt but not executed.
- The Maastricht Treaty-1992 (also called the Treaty on European Union) was signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands to further European integration. It received a great push with the end of the Cold War.
- Austria, Finland and Sweden became EU members in1995.
- Baltic countries joined the EU in 2004.
CONCLUSION:
The European Union, a unified trade and monetary body of 27 member countries,
follows a uniform single currency Euro.
It eliminates all border controls between members.
The open border allows free flow of goods and people.
There may be police checks based on information and experience.
Any product manufactured in one European country can be sold to any other member without tariffs or duties.
Practitioners of most services such as law, medicine, tourism, banking and insurance can operate a business in all member countries.
Credits:Leo Rajalakshmi
