European Union (EU)

Who they are:

·         The EU is a political and economic union of 28 countries, all of which are in Europe.

Their role:

·         To ensure the free movement of people, goods, services, and capital within an established internal market

How this has changed:

·         The EU used to just be a single market. The Eurozone wasfully established in 2002 and since then more countries have been adopting the € to reap all of the benefits of being in the EU’s Eurozone.

Advantages of being a member:

·         Political Advantage – countries within the EU are no longer at odds with one another. Being in the EU brings together countries that were divided by WW2 and as a result, these countries are more politically sound.

·         Economic Advantage – the removal of tariffs within the single market has made it so there is a reduction in costs and prices within member countries. This has increased trade and as a result, there are more domestic jobs.

·         Environmental Advantage – The EU has taken a strong stance of global warming. By implementing plans to reduce CO₂ emissions by 2020, several countries have become much greener places to live.

Disadvantages of being a member:

·         Cost – the cost of EU membership is very expensive, with it being £15billion gross for the UK. Not all countries can afford this, and get into debt in order to be a part of the EU

·         Policies – some policies have done more harm than good. The Common Agricultural Policy has led to higher prices for consumers and encouraged over-supply.

·         Migration – the free movement of people has caused problems of overcrowding in some places. The migration policies mean that the countries suffering from over-crowding can do very little to solve this problem.

North American Free Trade Agreement