Economic Assignment | Impact of EU on German Economy

Added on - 28 May 2020

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Running head: IMPACT OF EU ON GERMAN ECONOMYIMPACT OF EU ON GERMAN ECONOMYName of Student:Name of University:Author Note:
1IMPACT OF EU ON GERMAN ECONOMYTABLE OF CONTENTIntroduction:....................................................................................................................................2Challenges of EU.............................................................................................................................2Influence of Germany on EU:..........................................................................................................3Challenges faced by Germany:........................................................................................................4EU Policies and its impact:..............................................................................................................6Recommended changes in policy:...................................................................................................6Conclusion:......................................................................................................................................6Reference:........................................................................................................................................6
2IMPACT OF EU ON GERMAN ECONOMYIntroduction:The European Union as economic and political unions of 28 global countries as itsmember state represents important authoritative power throughout the continent. It has greatersignificance in transforming into a source of peace and stability to Europe. The union is promoterof democratic and sovereign power through conferring new rights pertaining to social, economicand political aspects. The recent years various political and economic turmoil spread through thecontinent has impacted the operations of EU as well as questioned its efficacy in sustaining itsrole as promoter of global peace and stability. Some of the contingencies are sourced from theexit of UK from EU known as BREXIT, Syrian refugee crisis and declination of US in thewestern economic civilization.This paper aims to represent the current challenges surfaced in the operation of EuropeanUnion and sheds light on the probable impact of its policies upon one of the core member state,Germany. The essay focuses upon the EU policies imposed upon Germany and whatcomplications the nation face due to that with further shifting the mode of discussion towards therespective changes the nation wants to see in the context of present turmoil and disruption withinEU.Challenges of EU:The following are recent economic and political challenges faced by EU which furtherhas greater implication on the economies of European nations.Impact of BREXIT:
3IMPACT OF EU ON GERMAN ECONOMYThe phenomenon of BREXT that is UK taking an exit from its long term union with EuropeanUnion has led to disruption of internal equilibrium as well as erosion of cohesion, confidence and0inyernational recognition of EU in the global context. Without Britain the contribution of non-EU members in the economic output of the bloc will die down by almost half to 15% as opposedto 30% with the presence of Britain, The incident has transferred the political and economicsupremacy to Germany. The immediate impact of BREXIT was not only financial and tradecrisis but also immense governmental crisis and political instability on the face of resignationand replacement of Prime Minister David Cameron by anti-EU administration. The BREXITalso caused and stirred up the massive euro zone crisis in almost 19 EU member nations.Migration and Refugee Crisis:The conflict of Syrian and Iraqi has led to political intensity that has been leading to anunprecedented level of refugee crisis beating up the ferocity of World War II. The political wars,conflicts and consequent migration has led to huge influx of people into European Unionmember countries like Italy. The frequent terrorist attacks and political turmoil evoke sense offear and instability within population that compel them to migrate. This has posed severe threatto individual economies of the EU member states that not only poses threat of exhausting naturalresources but also have grater implication on the bilateral international relation within countries.Foreign security Policy:The EU policies taken up to set out coherent international relationship framework with globalnations contains greater importance. The publication of European Global Strategy by EU is
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