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Economy of Europe - Assignment

   

Added on  2020-11-12

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EU Economy
Economy of Europe - Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1REFERENCES..............................................................................................................................15Books and Journals...................................................................................................................15
Economy of Europe - Assignment_2

INTRODUCTIONEuropean Union is a combination of 28 different countries those who operates theirfunctioning in a united economic and political block way. In the structure of European Unionnineteen countries use Euro as their official currency. Main motive to form EU is to end warfarein between European countries that was stated with World War 2 and emerged as a singleEuropean political entity (Blomsma and Brennan, 2017). The European Single Marketoffer freedoms in free flow movement of services, money, services and goods. Origin ofEuropean Union was began with the coal and steel community in which there were only sixmembers those are, Luxembourg, France, Belgium, Italy and Netherlands and becomecommunity of European Economic in the year 1957 within the Treaty of Rome. Just after theformation EU early focus was in removal of customs barriers and on agricultural policy. In theyear 1973 EU expanded by adding Ireland, Greece, Spain and Denmark in its member list whichemerged its power by raising EU gross domestic product. European Central Bank and EU facedlot of struggle as its growth and debts ratios were drastically collapsing in Spain, Portugal,Ireland and Greece. Both Ireland and Greece got financial bailout in the year 2009 accompaniedwith Portugal who received its bailout in 2011. In order to overcome this situation EU rotatesmultiple rounds so to decrease interest rate and various economic stimulus but all these attemptsfailed to solve the raised issues and problems. As after the Crises situation moved towardsstagnation government of U.K announced a referendum whether to remain as a part of EUstructure on 23 June 2016. In this present report, impact of EU decisions on retailing industry hasbeen effectively mentioned. European Union framed a treaty which is formally known as Maastricht Treaty. Thistreaty is a international agreement which is responsible to create European Union. This treat wasduly signed by leaders of 12 different nation including Italy, France, Netherlands, Belgium,Greece, Spain, Luxembourg West Germany and Portugal (Bonviu, 2014). The MaastrichtTreaty was then forced from 1 November 1993. This treaty impacted several areas, in which onethe major area was citizenship. In this citizens got the right of citizenship of member state andenable them to run for parliament elections in European Union irrespective of their nationality. Along with this,economy policy is one of the areas which have been impacted by this treaty. For this EuropeanEconomic and Monetary Union (EMU) effectively combined their functions and work in a1
Economy of Europe - Assignment_3

cohesive economic system with other members of Union states to initiate euro adopting as anational currency. In EU structure there is an arrangement in between different types ofEuropean countries which is done in a system named European Monetary System. In this, thereis a link of currencies in between various European countries as to stabilize exchange rates.Main motive of European Monetary System is to brace inflation rate while measuring andstopping wider fluctuations in exchange rates within the economic structure of Europeancountries (Crippa and et. al, 2016). EU economy operates their functions as a single market having 28 different countries, EUis one of the largest world trading power. EU economic policy mainly focuses on creatingvarious job opportunities while increasing market growth. In order to strengthen its marketstability EU focuses on utilizing its financial resources in a smarter way as to remove any kind ofobstacles in investment policies. Along with this, EU economic policy effectively targeted anarea to provide proper visibility and appropriate technological assistance as to make investmentsin new projects. EU economy is much bigger than economy of US in in the context of overallamount to goods and services produced (De Lucia and Bartlett, 2014). As per the datareport published in the year 2017 it has been observed that, EU GDP was about €15.3 trillionwith having 64% total trade done. European Union holds 6.9% of total world's population andare third largest international trade global players. By the year 2016 EU countries bagged secondposition in terms of global exports and imports of goods which amount their overall rate ofexports to 15.6%. Employment rate inEuropean Union is taking on a basis of estimated proportion of working age population whichindicates labour market trend. Global economic crises and turbulence in Euro zone impactedemployment rate by raising it over next few years. 2
Economy of Europe - Assignment_4

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