The European Union from a British perspective: What is it and should we [Britain] deepen our intergration?

Essay by SillyboyA-, January 2004

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Of course there are the many arguments regarding European integration and the part that the UK should play in Europe. The deepening of European integration could result in some benefits for companies. It would allow many companies to expand into Europe more easily as they would have a pan-European perspective as opposed to a simply national one. This would be especially true if the Euro was introduced into Britain, it would make transferring funds very easy for companies and it would also reduce the effects of the exchange rate mechanism, as there would be a fixed rate between European countries in the "Euro zone." Of course there would be the normal benefits that a company gains from being larger such as economies of scale. However if companies become too large there may be a certain amount of monopoly power gained and this could result in less choice for the consumer.

Throughout the history of the European union there has been an increasing number of countries joining. When the idea of European countries working together was first conceived in 1950 there were only six member states, Britain did not join until 1973 and the latest countries to join were Austria Finland and Sweden in 1995. There is a planned wave of several southern and east European countries to join in a few years time. Of course there are several parties that do not believe that these nations are suitable to join the EU. Although these countries do add to the population and the Gross income of EU states the countries that are hoping to join are not as economically stable as the countries that are currently involved. Countries such as Poland and other former members of the Communist block are likely to require aid from the EU as opposed to actually...