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Economics Of The European Economic Community

The prospect of a united Europe has been in the minds of people since ancient times. In history, there have been many attempts to unify the European continent one such as Charlemagne, Napoleon, and Hitler. It is only now that the unification of Europe seems to be possible through the goal of the growing organization in Europe called the European Economic Community (EEC), or the Common Market. The EEC was in the process of cooperation and integration, which began in 1958 with only six members. Now the members who united are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxemburg, Netherlands, Portugal, Spain, Sweden, United Kingdom of Great Britain, and Northern Ireland. These countries all united for the same objectives which are expanding trade with other regions of the world, reducing tariffs among the member countries, lowering prices for consumers, and expanding employment and investment opportunities.

While the nations of Europe try to work together towards this common goal of a unified Europe, it is necessary to look at the situation and ask if the EEC is truly having an effect on Europe. Single Market. Part of the EEC is the free movement of goods. This applies to products within the members of the EEC. This movement involves abolishing custom duties, a number amount of restrictions on trade, and the establishment of tariffs within the community. This was made to eliminate obstacles of trading and now viewed as creating the internal market, which is when goods could move as freely as on a national market. A good effect of the uniting of the nations is the opportunity the workers can have. It would increase the community’s workers’ chances of finding work and adding to their professions because there will be no more boundaries. This would encourage many workers and encouraging the mobility of workers, as a way of stimulating the human resource response to the requirements of the employment market.

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Workers would process contracts throughout the community and this would promote mutual understanding, creating an ever closer union among the people of Europe. This would be the main aim of the treaties. To eliminate the discrimination of professions, EEC agreed on free to exercise their profession throughout the community. This intention was mainly to ensure that the self-employed were able to freely exercise their professions in terms of establishment or freedom to provide services, especially with regard to the best economic location. This eliminates discrimination nationally of each nation and if these freedoms are used effectively, it would make it easier to exercise them and access rules as their mutual recognition. Euro.  The Euro was created to unite the monetary unit as one. Instead of using different types of currency to exchange, there will now be one. On January 1, 1999, the Euro was introduced as a single currency of the community. The nations within the community will lock their national currency and share the new currency.

They will all share a single interest rate, set by the European Central Bank, and a single foreign exchange rate policy. This process of the new Euro has not been processed and available yet, until January 1, 2002. The new euro has been said, “ Ever since the European Economic Community started in 1957, people have suggested more economic cooperation between countries- including a single currency.” The Euro will influence certain changes in businesses and their markets. First, there will be cheaper transaction costs. The new currencies will allow the EEC nations to trade with one another using the new currencies without changing the currencies through foreign exchange. This will allow the companies to make less payment between the nations within the eurozone. Business in the eurozone will have the greatest impact and notice the greatest difference in the new Euro. Second, the new currency will remove the exchange rates between the countries.

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This is a benefit to better decision-making for businesses because they will no longer have to worry about the rate they will change their currency in. Last, of all, the new currency will allow the price difference in different countries more obvious. Many companies will be able to compare prices more easily and competition will sharpen. EEC as trade power.  Since the European Economic Community, the EEC has brought in a lot of trade power in Europe. It is now one of the high powers of the world besides the US. Between 1994 and on, the world has increased its trade progressively. The European Economic Community had increased its overall figure, imports, and exports. The tables shown below gives the amount of intake the EEC got from 1995- 1997. Conclusion: Although Europe has gone through many hardships throughout history, the European Economic Community has had a positive effect on the people. Instead of having many markets, there is now only one market where anyone is able to trade and move freely as they desire without any duties or discrimination.

Instead of using many currencies, there is now a new currency called the Euro, which is to unite all the currencies into one national currency. Europe has come such a long way and is now one of the trade power of the world due to the unity of the European Economic Community. Many have recommended that other countries do the same as the Europeans. They believe that the nation will become stronger and more stable if more countries work together as one. Businesses gain a lot from being in the EEC because there will be no duties within the borders and many businesses take advantage of that. There will still be pure competition among the people. The European Economic Community has come along way and many people are impressed with the outcomes. Some are even afraid they are going to outpower the United States.

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Economics Of The European Economic Community. (2021, Mar 16). Retrieved January 29, 2023, from