United Europe:Pros and Cons

United Europe: pros and cons

Over the years the European Union is well known for its stability of economic and social progress. It consists of 27 countries that are united in purpose to provide their citizens with prosperity and well-being within the framework of common economic, political and social interests. European Union covers a mass majority of the Europe and the current Union membership covers a population base of nearly half a billion people. Single market of the EU supplies free migration along the countries, free capital movement and free trade of products and services. Within United Europe common policy in such areas as agriculture, telecommunications, energy, transportation is being developed. Nowadays the European Union drives foreign trade and policy and plays a very important role on international stage being a single unit for other countries and attracting them to join EU in order to strengthen their economic positions. However, such kind of integration processes of symphysis national economic, social, legal and institutional systems have cons as well as pros and before joining different associations it is important to know how it can effect on the economy of the country. 

To start with, let’s consider advantages of being a European Union member. First of all, the countries that join EU have the benefit of the principles of the integration, such as free competition, free capital movement or free movement of goods and services and as a result the movement to a free market economy in East-central Europe. Free movement means an opportunity to travel along the countries without obligation to get visa, ability to study and work in other countries of the EU if you are the citizen of any country of the Union. Consequently, the level of literate population within Europe is higher because students have more opportunities to get a better and more qualified education. Moreover by spending time studying or working in another country, the citizens can get an insight into other work environments and gain skills that can be very useful in their lives. Besides, having a single market means no barriers between the countries, so with the removal of custom barriers it will enable producers to cut production costs, which will result in export increases and more benefits for society, as the lower price is a net good for customers.

Another advantage of being a member of European Union is rise in direct foreign investments in the areas that are mostly developed and important in the certain country, which increases the economic growth and industrial expansion.

Moreover the European Union is a monetary union. It is claimed that a unique currency makes the trade easier because any alteration in the prices is noticeable. What is more, a monetary union brings many facilities. Single currency facilitates not only customers but also businessmen in their transitions costs as there is no need to use different currencies.

Furthermore, accepting euro can lead to control over inflation and can help to decrease interest rates which can result in increase of investments and higher growth rates. Also cancellation of exchange rate risk can raise export.

Besides economic advantages countries can also benefit from having an ability to participate in the decision taking process of the EU, so they can protect their own interests. In addition being a member of the Union increase political stability and access to high quality healthcare which provides a higher standard of leaving. Moreover the EU provides aid to poorer areas with higher unemployment. These areas get help with their environment, employment and infrastructure.

Although being a member of the European Union seems to be attractive, it also can have disadvantages. First of all, countries no longer can control their economic policy and laws. The EU has taken away political and economic power from the countries that it consists of and it is harder for small governments to promote their interests. Another disadvantage lies in the fact that countries, which don’t produce any competitive among European countries products, will be displaced by imported products that have better quality and lower price. That can lead to destruction of some industries, such as agricultural, because the purchase price is much lower than costs on maintaining these industries.

Another disadvantage is that hundred of people will be encouraged to move from their homes to look for better-paid jobs with higher salaries. That can cause the lack of good and young specialists in some countries and consequently inequality of the developing and developed countries. Large corporations accumulate profit at the expense of local small enterprises. Moreover, foreign capital can cut off young industries from blooming in developing countries. So, as European Union consists of both developed and developing countries, richer countries have to spend money on poorer countries, supporting them and being net donors.

To sum up the European Union has both advantages and disadvantages and the influence of them on the country depends on the unique features of each country of EU. Answering the question if it is good or bad to be or become an EU member strongly connected with what a country expect from joining the Union.  On the one hand this integration process can bring more stability to country, less corruption and more investments in the economy and on the other hand it can lead to loss of independency or even to disappearance as a nation. The answer is different for every country that is a member of the Union and needs a deep research for every country that wants to join the Union. Moreover the EU also makes many researches on country’s economic and political situation before accepting them to their group. In my opinion strong and developed countries benefit much more from integration rather than small developing states, however those can get financial and political help in case of crisis and so on.