Has the European Union made Europe a better place?

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Has the European Union made Europe a better place?

Introduction.

The European Union (EU) has enhanced Europeans’ living standards and contributed to Europe’s global influence. Among the many changes, the introduction of the euro was the most notable, contributing to heightened growth, decreased jobless rates, and price stability in the Eurozone. The economy of Europe has completely changed due to the establishment of the Economic and Monetary Union (EMU); there is now a dozen of economies that are all interconnected across Europe. Of course, there is a part of the public that is skeptical from time to time, especially regarding exchange rates; however, the improvement of living standards in economic terms has to be better marketed otherwise people may lose the desire to pursue European integration. In addition to this, the degree of ion in the Eurozone has also changed the political economy of the member countries of the European Union. This has especially worked well for countries which have had weaker policies and institutions as it saved them from untoward internal political movements.

Economic and Monetary Union

The Economic and Monetary Union (EMU) has not only transformed the continent but also has built an integrated economy across Europe. This integration process and corresponding benefits and costs have received much attention throughout research communities. By joining the monetary union, it meant that there are probably some member state’s policies such as that of monetary and fiscal policy which had to be given up or at least downsized. As a result, EMU has curtailed the effect of political shocks on individual member states’ economies, it has however, increased the level of political shocks’ transmission in the euro area. Most importantly, countries that had a tenuous history with good economic and institutional practices were much more sensitive to domestic political disturbances in the pre EMU era, however not afterwards. This could imply that there has been an advantage in the EMU arrangement for those countries that have less economic and institutional stability such as the risk of domestic politics to those countries moderating such risk. Despite the misgivings, this has led to trade expansion, more job opportunities, and economic development. The introduction of the euro has offered financial security in the Eurozone thereby facilitating smooth international movement of funds and increased foreign direct investments in Europe.

Peace and Security

The European Union (EU) is involved in various activities aimed at conflict management and resolution, as well as stability promotion within its own borders and in the neighboring regions. The EU’s involvement in Northern Ireland, for instance, is striking. Because of the European Union’s funding and diplomatic efforts, the EU assisted in rebuilding the post-conflict economy between communities which had years of fighting. In the 1990s, as part of the Peace and Reconciliation Programme, the EU provided resources for opening new centers of employment in Northern Ireland. Outside of its internal boundaries, the European Union’s Common Security and Defence Policy (CSDP) goes as far as tackling issues such as terrorism, transnational organized crime or cyber threats. The EU carries out civilian and military missions in conflict areas like Africa in the case of peacekeeping or the Balkans. Furthermore, the CSDP leads cooperation between members to track and protect against major cyber threats. The European Union has established a Cyber Defence Policy Framework within the CSDP adopting such measures as organizing joint cyber security training and exercises, information exchange on cyber threat activities, and building a cyber incident response coordination mechanism.

Challenges.

Despite its successes, the Union faces a number of complex challenges that may require some finesse to solve. The union faced a sovereign debt crisis, with Italy, Greece, Portugal and Spain leading the debt owed. Greece alone owed 300 billion euros, which is the highest in modern history. At its height, this was 113% of its GDP. Germany and France took it upon themselves to try and urge Greece to reduce its national debt. Greece was loaned over 300 billion euros, since 2010 May. Questions arose as to whether Greece should be dropped out of the Eurozone as this debt dealt a confidence blow to the new currency. War in the middle east has lead to the threat of terrorists who arrive under the guise of fleeing from war. UNHCR estimates that over 300,000 people have braved the dangerous Mediterranean Sea to reach Greece and Italy. Germany alone expects around 800,000 refugees with no settlement plan in place. But the biggest challenge the European Union has faced was the issue of Brexit. The United Kingdom voted to leave by 2019’s summer. This exit was complicated by the North Ireland and the Republic of Ireland boundary. Technically there should be a boundary between the United Kingdom and the rest of the European Union. This would however open up old wounds, as the Republic of Ireland is a member state of the EU, and Northern Ireland voted for Brexit. From the east, they face the existential crisis that is Russia’s aggression. Russia is currently executing a military invasion of Ukraine. This was sparked by uprisings against the president, Viktor Yanukovych, who was pro-Russia. After he fled the capital, during clashes between the people and police, which claimed over 70 lives, Russian forces and civilians smoothly occupied Crimea.

Conclusion.

Since the European Union treaty was signed in December 1991, the union has achieved varying levels of success. The establishment of the single European market allowed it compete with the US and Japan, while the common European citizenship allowed greater cooperation between governments. The introduction of the euro as a common currency allowed easy and faster transactions, as well as being able to compete with more established currencies like the Yen and Dollar. They have however faced some concerning challenges as a result. From dealing with illegal immigration to the complex challenges brought on by Brexit, as well as the Russo-Ukraine war that threatens their stability. Despite this, I agree that the Union has indeed made Europe better.

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