The paper "Economic Integration within the European Union" is a good example of a macro & microeconomics essay. Economic integration is the system of interaction of trade between various different trades’ states through the full or partial eradicating of the customs tariffs imposed on trade being carried out within the borders of these countries (Dalimov, 2010 and Dalimov, 2008). The main aim for this is to minimize the prices for consumers and distributors since no custom duties are paid and in return lead to an increase in trade (Dalimov, 2010).
Furthermore, economic integration stimulates effects that are a part of the modern-day economic Theory of the Second Best which implies that free trade that has competition and no barriers is the best option whatsoever (Dalimov, 2008 and Dalimov, 2010). According to economists, economic integration is the second-best option for the global market where hindrances to complete free trade exists. There are two types of integration which are; the positive integration which purposes standardizing worldwide economic policies as well as laws and the negative integration which entails the breaking down of protective barriers as well as trade barriers which include tariffs and quotas (Dalimov, 2010). On the other hand, the European Union is a political and economic union of 27 independent member nations mainly located in Europe.
European Union traces its roots from the European Economic Community and European Coal and Steel Community formed by six nations in the year 1958 (Barnard, 2007). In 1993, after the ratification of the Maastricht Treaty by the European Community members, it has expanded to include a number of Eastern and Central European nations (Barnard, 2007 and Shaw and More, 1995).
It is apparent that the establishment of the European Union greatly expanded the political scope of the European Economic Community, especially in the area of foreign and security policy, and provided for the creation of a central European bank and the adoption of a common currency; the Euro (Shaw and More, 1995). This paper seeks to discuss the extent to which economic integration within the EU has been subordinated to the achievement of political objectives.
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