The success of this venture prompted the foreign ministers of six ECSC nations to examine the possibility of further economic integration (Chulalongkorn University, 1999). Hence, in 1957 one the most significant agreements in European economics history, The Treaty of Rome, was signed. The Treaty of Rome’s fundamental goal was to provide for the creation of a common market (Kenwood & Lougheed, 1999:280). The most significant aspect of this treaty was the commitment made by such countries as Belgium, France, West Germany, the Netherlands, Italy and Luxembourg to facilitate the free movement of goods, services and factors of production. Essentially, these European governments sought to eliminate internal trade barriers, create common external tariffs and harmonies member states laws and regulations (Hill, 2001: 233).
This drive toward a unified European currency has long been on the minds of Europeans, ever since a European commission conceived it in 1957. Economic strength, stability, and vitality in Europe is in the United States national interests. A strong European economy will benefit U.S. exports and American economic interests in general. Though business will have to deal with certain transitions and changes attendant to the adoption of a single currency. The U.S. has a strong interest in Europe’s futur... ... middle of paper ... ...html (February 22, 2001) Barber, Lionel.
The EU was established on 1 January 1958 following the Treaty of Rome 1957 (Nobes and Parker, 2010). The objective of Treaty had established rules to encourage free movement of persons, products and services, and capital. This establishment drives the needs of harmonization of accounting and financial reporting. Thus, the most important objective of EU is to create a common market for the member countries. Uniformed accounting standards are required regionally in all parts of EU to encourage the flow of capital, enhance the protection of the shareholders and other stakeholders, and increase the reliability and comparability of companies’ financial information.
One important factor of European integration is the Marshall Plan and the United States’ push for European interdependence. The United States’ goal with the Marshall Plan was to aid in the reconstruction of Europe by eliminating trade barriers and revolutionizing certain industries helping Europe to thrive again (Hogan, 1987). This goal forced the countries of Europe to work together to rebuild not just their countries, but the European community. The beginnings of the European Economic Community were also born out of the Marshall Plan and its provisions that contributed to the creation of the Organization for European Economic Cooperation (Weigall and Stirk, 1992: 39). This was one of the first formal supranational organization in Europe and laid the foundation for how the European states interact and integrate with each other throughout the rest of the European integration process.
The Ireland model emerging from the liberal model focuses on public provisions of care and increasingly supports the different forms of non-parental care through a mixture of targeted and universal measures. The EU constitutional law is based on a clear objective that civil disputes are resolved in a way that meets the objectives of resolving civil disputes to meet the needs of the parties, conforming to the fundamental principles of justice. There is clarity that there ... ... middle of paper ... ... instance, the European Council laws encourage active involvement of social partners at the national level. Compliance and implementation of European hard and soft laws have developed different agendas. The European directives have moved beyond mere questions to examine compliance with and implementation of these laws at national level.
For this reason, the Mutual Assistance and Solidarity Clause were involved in the Treaty. The Lisbon Treaty widened the missions carried out under the Common Security and Defence Policy. The CSDP offers cooperational framework by which EU member states can carry out missions in third countries. The aim of these missions must include; peacekeeping and strengthening international security. Prior to the Lisbon Treaty, the tasks, which the CSDP had to fulfill, included; • Humanitatian and rescue interventions • Prevention of war and peace-keeping missions • T... ... middle of paper ... ...is to have all EU instruments, efficiently at the Union’s disposal.
Trade between India and Europe Before the formation of the EU, USA was the single largest trading partner for India. Many European countries like UK, Germany and France were the other major partners. After the EU came into being, it has replaced USA as India’s leading trade partner. The major industries involved in India-EU trade are steel, cement, Computer Software, etc. India has had much greater business relations with the western European countries as compared to the eastern European countries.
This gave the European States a way rebuild themselves by restoring industrial and agricultural production. The Marshall plan was also the key incentive that made the European states come together and begin communicating their economic and social needs. The European economic expansion fueled by the Marshal Plan or European Recovery Program (ERP) was set in place to prevent political instability and the takeover of a repressive political system. It was focused on a market oriented and capitalist economic system*. The ERP program called for a collective effort of European states to work together in order to receive 12.4 million dollars in aid .
Does the fact that the member states have banded together meaning that everyone has benefited from the concept of the EU? This paper will attempt to answer these questions by outlining the background and reason for formation of the EU and explain what the original intent was. We will then discuss the EU in terms of economics and trade (as these two topics are definitely interrelated); and we will discuss some theories behind the success or failure of the EU. We will then consider it formation of the EU has actually been beneficial for its member states both separately and in its entirety. Background And History In order to better understand the theories and principles that drive the European Union, it w... ... middle of paper ... ...lmost 16 percent -- which is also larger that exports coming from the United States (at 12.6 percent) or Japan (at 7.7 percent) (Letiche, 2002).
The political integration and the financial integration between European countries contribute to the success of development of the European Union and those integrations overcome the conflicts between the European countries as well as benefit those countries with the help of the European Union. The origin of the EU should trace back to the creation of the European Coal and Steel Community in 1951 and the Euro... ... middle of paper ... ...21-445. Dunford M. & Perrons D. (1994). Regional Inequality, Regimes of Accumulation and Economic Development in Contemporary Europe. Transactions of the Institute of British Geographers, New Series, Vol.