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Sample Paper on Economics The European Union

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Sample Paper on Economics: The European Union

Is the European Union a Failed Project?

After the fall of the Berlin Wall, Europe was full of expectations. It seemed that the new era of prosperity and brotherhood was soon to come, and the liberated former Eastern Bloc economies were soon to prosper. It was an idea to build new Europe without internal conflicts and with mutually favorable cooperation. The start of new Europe was amazing, and it seemed that it would proceed forever. Nevertheless, we have to recognize that United Europe of today is at high risk to finish its existence as united conglomerate.  

Among the reasons that might explain such situation, the most significant is that the distance between economies appeared too large, and the weaker economies were unable to rival adequately in the conditions of liberalization. Living in the conditions of new European standards became too heavy burden for some countries. Though the Germany as a central power of new Europe from the very beginning was imposing the policy of balanced budgeting, many countries were unable to follow this strategy (Feffer 2015). They spent more than earned. At last, the situation became critical, and they have to raise taxes and cut many social programs in order to improve it (Lee 2013). As a result, the level of unemployment in several countries reached the Great Depression level, and a lot of people appeared on the brink of poverty (Lee 2013). Despite the special measures, problematic economies did not show the expected revival.

As it turned out, the possession of own currencies for EU countries might be more effective than the having of common one. Countries in trouble were unable to manipulate with currencies as they wished. Thus, they were unable to make their export more attractive and guarantee safety for the unemployed and poor (Lee 2013).

The possible way out may be the creation of strong central power with concern towards the people living under the poverty line, but this is a long and hard process as the history of USA shows. In addition, many Europeans are against of this idea (Lee 2013). Consequently, it seems that we will see the slow and painful process of the European Union falling apart.

Works Cited

Feffer, J. (2015, January 27). The European Union May Be on the Verge of Collapse. In thenation.com. Retrieved July 17, 2015, from http://www.thenation.com/article/european-union-may-be-verge-collapse/
Lee, B. (2013, June 4). The European Union: A Failed Experiment. In Harvard Business Review. Retrieved July 17, 2015, from https://hbr.org/2013/06/the-european-union-a-failed-ex/

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