Sukhikh Valeriya E-09-1 United Europe: pros and cons Over the years the European Union is well

known for its stability of economic and social progress. It consists of 27 countries that are united in purpose to provide their citizens with prosperity and well-being within the framework of common economic, political and social interests. European Union covers a mass majority of the Europe and the current Union membership covers a population base of nearly half a billion people. Single market of the EU supplies free migration along the countries, free capital movement and free trade of products and services. Within United Europe common policy in such areas as agriculture, telecommunications, energy, transportation is being developed. Nowadays the European Union drives foreign trade and policy and plays a very important role on international stage being a single unit for other countries and attracting them to join the EU in order to strengthen their economic positions. However, such integration processes of symphysis national economic, social, legal and institutional systems have pros as well as cons. Before joining different associations it is important to know how it can affect the economy of the country. To start, lets consider advantages of being a European Union member. First of all, countries that join the EU have the benefit of the principles of the integration, such as free competition, free capital movement or free movement of goods and services. As a result the movement to a free market economy in Eastcentral Europe takes place. Free movement means an opportunity to travel along the countries without obligation to get a visa. It also gives the ability to study and work in other countries of the EU if you are the citizen of any country of the Union. Consequently, the level of the literate population within Europe is higher because students have more opportunities to get a better and more qualified education. By spending time studying or working in another country, the citizens can get an insight into other work environments and gain skills that can be very

useful in their lives. Besides, having a single market means no barriers between the countries, so with the removal of custom barriers it will enable producers to cut production costs, which will result in export increases and more benefits for society. Another advantage of being a member of the European Union is the rise of direct foreign investments. The rise is in areas that are mostly developed and important in a specific country. This increases the economic growth and industrial expansion. Moreover the European Union is a monetary union. It is claimed that a unique currency makes the trade easier because any alteration in the prices is noticeable. A monetary union brings many facilities. Single currency facilitates not only customers but also businessmen in their transitions costs as there is no need to use different currencies. Accepting the euro can lead to control over inflation and can help decrease interest rates. This can result in an increase of investments and higher growth rates. Also cancellation of exchange rate risk can raise exports. Besides economic advantages countries can also benefit from having an ability to participate in the decision making process of the EU. This will allow them to protect their own interests. In addition being a member of the Union increase political stability and access to high quality healthcare which provides a higher standard of leaving. The EU provides aid to poorer areas with higher unemployment. These areas get help with their environment, employment and infrastructure. Although being a member of the European Union seems to be attractive, it also can have disadvantages. First of all, countries no longer can control their economic policy and laws. The EU has taken away political and economic power from the countries that it consists of which makes it harder for small governments to promote their interests. Another disadvantage lies in the fact that countries that dont produce any competitive among European countries products. They will be replaced by imported products that have better quality and lower price. This can

lead to destruction of industries, such as agriculture, because the purchase price is much lower than the costs on maintaining these industries. Another disadvantage is that hundreds of people will be encouraged to move from their homes to look for better-paying jobs with higher salaries. That can cause the lack of better and younger specialists in some countries and consequently inequality of the developing and developed countries. Free trade can also promote the formation of large corporations that accumulate profit at the expense of local, small enterprises. Moreover, foreign capital can cut off young industries from blooming in developing countries fostering a dependency on foreign businesses. As European Union consists of both developed and developing countries, richer countries have to spend money on poorer countries, supporting them and being net donors. To sum it all up, the European Union has both advantages and disadvantages. The influence on the country depends on the unique features of each country of the EU. Answering the question if it is good or bad to be or become an EU member strongly connected with what a country expects from joining the Union. On the one hand this integration process can bring more stability to countries, less corruption and more investments in the economy. On the other hand it can lead to loss of independency or even to disappearance as a nation. The answer is different for every country that is a member of the Union and requires a deep research for every country that wants to join the Union. Moreover the EU also does researches on a countrys economic and political situation before accepting them to their group.