Benefits of EU membership

Categories: Finance

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The purpose of any union creation is to receive some kind of advantage. The European Union was created by six founding states in 1958. Since 1958 it has grown to 27 member states (Baldwin &Haaparanta, 2004 pp. 78-84). All EU member countries are part of the economic and monetary union (EMU), whose purpose is to unite the economies of the European Union countries and get the benefit from it. Integration of the economies has given the European Union states growth and prosperity.

All the EU states have the Single Market, which is the result of the European Union’s primary policy on industry and commerce.

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EU countries benefit from the Single Market as well as their inner businesses, consumers and employees. For instance, there are no border controls, costs to business have been cut and the movement of people within the European Union has become fast and, thus, more convenient (Milne, 2004 pp. 63-67). Besides, the European Union members have standardized the prices for products and have introduced “mutual recognition” of products and goods.

However, the greatest advantage of the European Union membership is the euro, the European single currency.

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The euro is the single currency of thirteen European Union countries, stretching from the Mediterranean to the Arctic Circle. The benefits of a single currency are obvious: using the euro lowers the cost of cross-border business; people make savings and are able to use the single currency while traveling within the European Union (Wallace & Pollack, 2005 pp. 102-106).

Moreover, EU membership has positive effects on the country’s economy, and gives competitive advantages for companies settled in the country.

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Summarizing, the European Union membership is very beneficial as it gives mutual certification of goods, single standard certification process for the entire region, and does not impose any quantitative limitations within the EU. Consequently, the European Union denotes the “domestic” market for all states and states, businesses and all citizens benefit economically and politically from this alliance.

References

Baldwin, R. , Haaparanta, P. & Kiander, J. (2004).
‘Expanding Membership of the European Union’, Cambridge University Press, 292 pp. Milne, I. (2004).
‘A Cost Too Far? An Analysis of the Net Economic Costs and Benefits for the UK of EU Membership’. Civitas: Institute for the Study of Civil Society, 97 pp. 3. Wallace, W. & Pollack, M. (2005).
‘Policy-Making in the European Union’, Oxford University Press; 5 edition, 616 pp.