The European sovereign nation was initiated in 1957 with six members: Belgium, France, Germany, Italy, Luxembourg and the Netherlands. For non-member states, the procedure of joining EU has three stages. The first step was at the point when a nation is prepared it turns into an official possibility for enrollment– yet this doesn’t as a matter of course imply that formal transactions have been opened. Secondly, the applicant would then proceed onward to formal enrollment transactions, a procedure that includes the selection of set up EU law, arrangements to be in a position to appropriately apply and uphold it and usage of legal, authoritative, financial and different changes essential for the nation to meet the conditions for joining, known as increase criteria. Thirdly, at the point when the arrangements and going with changes have been finished as per the general inclination of both sides, the nation can join EU.
The euro is the most unmistakable verification of European incorporation– the normal cash in 19 out of 28 European Union nations. Several countries use the euro: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. A few countries however are still debating on whether to join the EU or stay their grounds. Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania are Sweden are those among them.
According to the International Monetary Fund, IMF, the European Union has a GDP of about 16.2 trillion euros. Germany records a higher GDP as compared to other member states of the EU. It had in records the highest per capita above the EU average. On the other hand, Malta has the smallest GDP in comparison with other EU members.
The future of EU over the next 25 years is moderate since differing qualities of societies and monetary emergencies exist. A greater Europe can’t be worked without solid EU administration and visionary initiative, yet these are the two issues which are eminently absent at present.
Advantages of Becoming an EU Member
There are benefits that come with the EU membership. To begin with, companies that are trade partners with other European countries get to benefit. Transaction costs as well as fluctuating exchange rates will be eliminated therefore; they will not suffer the cost of exchange rates and commission rates (Stanek, 2001). This membership has also improved the stability of the domestic currency that emphasizes national identity. It further strengthens political relations and integration among member states. Other advantages include a rise in foreign trade, appropriate allocation of capital, healthy and increasing competitiveness among member states.
Disadvantages of Becoming an EU Member
Disadvantages of being an EU member may include cases of increased bureaucracy, pressure towards austerity and inefficient policies. The United States, Burma and Liberia are some of the countries that have not adopted the metric system. The Metric system has slipped into our economy since items such as pharmaceutical products, wine and distilled spirits are accepted by consumers with little resistance. The scientific and medical communities are also the metric system. This may bring in difficulties as a lot of changes will be made. For instance, bottle labeling for both imports and exports. The U.S will convert since the Omnibus Trade& Competitive Act of 1988 points out that the metric system is the preferred system of weights and measures for the US. However, this is not likely to happen in the near future since efforts have been made since the 1800s but in vain.
Stanek, M.B. (2001). International Monetary Arrangements: The European Union and the euro. European Business Review,13 (5), 279-291