The european economy
Notably, the European economy is the biggest political and economic union in the world; it boasts of moderate inflation rates, low rates of unemployment and high economic growth in all the member countries (Baker 47). Its purchasing power comes second after the United States; therefore it is considered the second largest nominal economy among all the economies in the world. The trading activities and business in the economy involve the use of the Euro currency which has been adopted by about 25 countries among the member states. Besides, the currency is also the second most traded currency in the world after the US Dollar. The European member states caries out trading activities with some of the most powerful and rich economies in the world, and together they form the World Trade Organization.
Lack of a powerful and all round intergovernmental body to aid in decision making and governance has made it difficult to improve the insubstantial trade barriers. The movement of goods, services, labour, and capital has become a challenge due to protectionist regulations, different fiscal regimes and a variety of professional standards in the economy. The protectionist approach taken many countries occurs due to the need to protect resources and the lack of success in the formation of a single market. One of the main reasons why the European economy was formed was to foster economic development in the region. The goal has been achieved over several years dating back from before 1945. Advancements and changes in these aspects of the EU economy have contributed largely to the growth and development of the region (Williams 74).
The European Union poses as the world major trading power that focused on the creation of jobs for the people in member countries and elimination of limitation in investments. Besides, it enhances visibility, monitoring and technical assistance from experts in the projects invested in by the different countries. According to the survey done in 2017, the EU has a GDP of 15. 3 million pounds in terms of the value of goods and services (Pollard 44). Finally, the ten-year strategy focused on education, by improving the quality of the education systems and training of the students in college and universities. It focused on enabling the students attained the skills necessary to fit into the job market. The targets were implemented in all the member's countries to achieve a positive change together as a union and get rid of poverty and unemployment.
To achieve economic growth, Europe has also invested heavily in e-commerce systems of the business. The internet has made it possible for the people to access information about the goods and service that they need over remotely from their location. Over 20 years now the sector has made significant achievement that has improved travel and movement of goods. For instance, there are more transport choices than before, the technology used is clean, every mode is clean, and the worker's welfare is well-taken care by the key stakeholders in the industry. Besides, every passenger is protected by the passenger rights that cover all transport means in the world. Notably, the number of deaths caused by road accidents has reduced from 70,000 to 31,000 in the period between 1992 to2010.
This has proven good progress towards the 2020 strategic goals of minimizing the number of deaths on the road (Sensoy et al. The industry has been a key element in international trade in the region since the increasing industrialization in the countries results in surplus products that are exported to other countries that have a deficit (Majone n. p). Notably, Europe is the market leader in the production of tools, machine equipment of which about 71% of the quantity manufactured is exported to other countries with less capacity to make. Finally, the sector has led to the development of the small business sector; they provide value-added service to the products and make the product available near to the customer. The SME sector also em0loyes many people; hence their thriving is healthy to the economy of Europe.
The best option for survival and achieving economic growth was to make ties with other EU countries. After 1991, the ties of the European countries grew to 15, a move that led to the establishment of the European economy through the development of a single strong currency. The European Union expansion At the beginning of 2004, ten countries that were initially communist countries joined the European Union making the members increase to 25 and adopted the use of a common currency. The union has aided many countries to handle disputes peaceful whenever they arise hence managing to maintain steady development in all the sectors of the economy. The eurozone expansion and the European debt crisis In 2008, the financial crisis that occurred globally resulted in a bubble in the US reducing the GDP of many countries in the European Union.
Many people in the region have recognized the independence between economic development and energy policies that are sustainable. The use of low carbon energy can increase investments, support industry growth and foster energy security (Quadrelli, and Sierra n. p). In the end, failing to address the climate concern will increase instability across the world and increase uncertainty in the geographical politics hence making it difficult for Europe to access energy resources. Finally, tension and differences have become rampant among the member states. Work Cited Graeff, Peter, and Gert Tinggaard Svendsen. "Trust and corruption: The influence of positive and negative social capital on the economic development in the European Union. " Quality & Quantity 47. Baker, Susan, ed. Politics of sustainable development. Phelps, Edmund S.
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