The European Union
The European Union is a coalition of European nations, who by combining their economic wealth, have decided to form a united Europe, a Europe with no barriers and complete freedom to trade with one another. The European Union is a combination of many countries; these countries are France, Italy, Luxemburg, the United Kingdom, Ireland, Spain, the Netherlands, Belgium, Germany, Austria, Finland, Portugal, Sweden, and Greece. With all these countries forming one huge economic alliance, the European Union will become a very powerful economic body in world because of its massive economic strength.
In order to understand the reasons why the European Union will become a world economic superpower, one must understand how it works and operates. Starting January, 1st, 2001, the European Union will introduce its united currency, the Euro. The Euro will make everything in Europe tremendously easier, from buying a sandwich at a local bar, to purchasing an international company; everything will be tied to the Euro.
English: Various Euro bills.
Election results since 1979
Enlargement of the European Union (animation) Euro...Countries that also have failing economies, and with currencies that might never become of some worth, will have a second chance and once they integrate into the European Union, their way of life will be enormously easier. For example, although Italy doesn't have a failing economy, it's currency the Lira, is not worth much in value. Italians usually buy a drink for around 2500 Lira. Once the Euro is issued in the European Union, could be 2.5 Euros, instead of 2500 Lira. The Euro can also be used in every country of the European Union,
Al-Sarraf 2
this can make everything from tourism to shopping much easier and practical. With the release of the Euro, business throughout all of Europe will be easier and more practical.
With no trade barriers holding back members of the European Union,
Higher prices but good for trade
Here's my 2 cents...At the moment 80% of world trade is located around three trade-zones: NAFTA, EU, and ASEAN (International Business - Hill 2000). The reason for this is that trade-zones have a less fluctuating exchange-rate, so the author is right about the EU benefitting world-trade. Equally, about 11% of trade is in S-America and less than 1% in Africa. At the same time, there is some concern about the EURO raising prices (Economist May 2002). Particularly shops in some German provinces actually just swapped the DM-sign for the EURO-sign, doubling the price! Clearly the process is not well regulated, though in Holland some laws prevented such blunders!
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