Preface :: Economics

stateSince the early custom union, the European colligation has been keen tocreate a exclusive market for its member states. In this assignment, I am expiry to discuss to what extent the European Union has created asingle interconnected economy for its member states.2. IntroductionFrom the early customs Union to the wholeness European Market to therecent wizard European Currencythe Euro, the European Union achieveda lot of successes in the process of creating a single integratedeconomy for its member states in the last fifty years.Nonetheless, with so many successes, the European Union still have a farseeing way to go to create a true single economy for its member states.For example, there are still significant differences of corporate brass instrument regimes and social/labour models between member states. Andthe enlargement towards Central and eastern Europe is anotherincomplete big task for the European Union.In the following, I am going to discuss, with more details, to whatextent the European Union has created a single integrated economy forits member states.3. Major Achievements3.1 Customs Union and The Early EnlargementIn 1948, the Benelux--a customs union in industrial goods was formedby the Netherlands, Belgium and Luxembourg. After the accordance of Parisand the Treaty of Rome were signed, the customs union comprisedBenelux, France, Germany and Italy and was extended to all industrialgoods (not average for coal and steel). In 1969, the customs unioncompleted the elimination of customs duties and quantitativerestrictions on the import and export goods between the original six.(McDonald D, 1999) This was the most(prenominal) basic economic arrangement of theEU.Between the elimination of tariffs and quotas and the agreement ofestablishing the Single European Market, there was very littleprogress towards the single market. (McDonald D, 1999) thatenlargements were very successful with member states growing from 6 to15 which include Denmark, Ir eland and the United Kingdom joined in1973, Greece in 1981, Spain and Portugal in 1986 and Austria, Finlandand Sweden in 1995. (Europa, 2003a)3.2 The Single European MarketIn 1985, the European Commission chaired by Jacques Delors published aWhite Paper proposing the member states for completing the innermarket. This white paper made it clear that there were three types ofbarriers (physical, adept and fiscal) standing in the way of thecompletion of the internal market. (Mercado S. et al, 2001) In the undermentioned year, 12 member states signed the Single European Act whichcontained a blueprint and a timetable for adopting over 270liberalising measures which would be necessary for the creation of asingle market. (Europa, 2003a)Between the passing of the Single European Act and the deadline of thirty-first