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Professional Banker Magazine:
50 Years of European Union : Issues and Challenges
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European Union (EU), in its 50 years of existence, has achieved a significant degree of integration, and the common market goal has met with modest success. EU, with 27 member nations, now encompasses a very high percentage of the continent of Europe. Euro, its common currency, has become a strong currency to reckon with within its first decade of existence. EU needs further reforms in labor laws. The internal markets within the Union should be without barriers.

 

 

Europe, a prominent conti- nent, essentially consisting of developed nations, has a population of over 50 crore. It has two parts - the Western Europe, championing the cause of democracy and personal freedom and the Eastern Europe, predominantly made up of the erstwhile USSR and its former allies.

The second world war resulted in the severe destruction of many parts of Europe. France and Germany, the historic enemies, realized eventually that peaceful co-existence is the key for prosperity and progress, rather than prolonged and destructive wars which left nobody as a conqueror. However, the war has created a bipolar world, ideologically very different, divided between the soviet union and the US.

With market economy gaining prominence and with the collapse of the former USSR, many socialist bloc countries have started transiting into democratic systems wedded to the principle of capitalism, slowly but surely. In a unipolar world, with the US as the only supercop, such a transition has indeed become inevitable and unopposed.

 
 
 

Professional Banker Magazine, Democratic System, European Coal and Steel Community, ECSC, European Defence Community, EDC, Financial Integration, Economic and Monetary Union, EMU, Gross Domestic Product, GDP, Science and Technology, Global Financial and Environmental Crisis, Monetary Policy, Global Challenge, Economic Integration, European Atomic Energy Community, EAEC.