Preface :: Economics

PrefaceSince the beforehand(predicate) customs brotherhood, the European mating has been keen tocreate a single market for its atom states. In this assignment, I amgoing to discuss to what extent the European colligation has created asingle integrated miserliness for its member states.2. IntroductionFrom the early Customs Union to the whiz European Market to therecent wiz European Currencythe Euro, the European Union achieveda lot of successes in the process of creating a single integratedeconomy for its member states in the last fifty years.Nonetheless, with so many successes, the European Union nonetheless have along way to go to create a true single economy for its member states.For example, there are lifelessness significant differences of corporategovernance regimes and social/labour models between member states. Andthe enlargement towards Central and Eastern Europe is anotherincomplete monstrous task for the European Union.In the following, I am going to discuss, wit h to a greater extent details, to whatextent the European Union has created a single integrated economy forits member states.3. Major Achievements3.1 Customs Union and The Early EnlargementIn 1948, the Benelux--a customs union in industrial goods was formedby the Netherlands, Belgium and Luxembourg. subsequently the Treaty of Parisand the Treaty of Rome were signed, the customs union comprisedBenelux, France, Germany and Italy and was drawn-out to all industrialgoods (not just for coal and steel). In 1969, the customs unioncompleted the elimination of customs duties and quantitativerestrictions on the import and exporting goods between the original six.(McDonald D, 1999) This was the most basic economic arrangement of theEU. surrounded by the elimination of tariffs and quotas and the agreement ofestablishing the individual European Market, there was very itty-bittyprogress towards the single market. (McDonald D, 1999) Butenlargements were very successful with member states inc rement from 6 to15 which included Denmark, Ireland and the United Kingdom joined in1973, Greece in 1981, Spain and Portugal in 1986 and Austria, Finlandand Sweden in 1995. (Europa, 2003a)3.2 The Single European MarketIn 1985, the European Commission chaired by Jacques Delors published aWhite motif proposing the member states for completing the internalmarket. This white paper made it the whole way that there were three types ofbarriers (physical, technical and fiscal) standing in the way of the ending of the internal market. (Mercado S. et al, 2001) In thenext year, 12 member states signed the Single European Act whichcontained a blueprint and a timetable for adopting over 270liberalising measures which would be necessary for the creation of asingle market. (Europa, 2003a)Between the passing of the Single European Act and the deadline of 31st