Economics of the European Union

Running head: ECONOMICS
Economics
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ECONOMICS
Economics of the European
Purpose of European Union
The European Union is known as the monetary body of the 28 member states which
are located in Europe. The main purpose is promoting peace along with improving the
wellbeing of the nations. The European Union is also known to eliminate all border controls
present between nations which allows free flow of goods as well as people (Elsig 2017). One
of the main purpose of EU is to become more competitive.
The main purpose of the European Union is to ensure that there is efficient and smooth trade
within Europe. Another objective of EU is to skill the work force efficiently and also produce
high standard of technological production. It also makes sure that there is enough steady and
sustainable development in Europe which also suggest that the prices are stable and the
economic growth is balanced. The European Union also respects the cultures of the
individual countries which is cherished and developed. It also seeks to promote peace in
Europe as well as in other countries. The EU also makes sure that the resources are
efficiently used and also works hard for preventing social exclusion. It have also developed
an internal single market with a standardised system of law which apply in all member states.
The policies of the European Union makes sure that there is free movement of goods, people
and capital within the internal market (Nielsen and Smeets 2018). The goals of the European
Union is promoting peace and the wellbeing of the citizens. The European Union also offer
freedom, justice and security without any internal borders and establishes a monetary union
and economic union whose currency is termed as euro. The European Union is known to
enhance the social, economic as well as territorial cohesion among the European countries.