"Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade."
An examination of the process of economic integration in Europe, including the development of the European Union, the euro currency and single market, and the role of the European Central Bank.
The history of European integration: This topic covers the historical background of European integration and the major events and agreements that have led to the present European Union.
The institutions of the European Union: This topic covers the key institutions of the EU, including the Commission, Council, Parliament, and other bodies.
The EU budget: This topic covers the budget of the EU and how it is allocated across member states and priorities.
The single market: This topic covers the creation of a single market across the EU and the economic benefits and challenges it brings.
Monetary integration: This topic covers the adoption of a common currency, the euro, across most EU member states, and the challenges and benefits of monetary integration.
Trade policy: This topic covers the EU's trade agreements with other countries and regions and the impact of trade policy on the EU's economy.
Social policy: This topic covers the policies and regulations relating to social issues such as employment, education, and healthcare.
Environmental policy: This topic covers the EU's policies and regulations related to environmental issues such as climate change and pollution.
Political integration: This topic covers the steps taken towards political integration in the EU, including the creation of the European Parliament and European political parties.
Immigration and asylum policy: This topic covers the EU's policies and regulations related to immigration and asylum-seeking, including legal migration and refugee resettlement.
Free trade area: A group of countries that agree to reduce or eliminate trade barriers, such as tariffs, quotas, and subsidies, among themselves, while maintaining their own independent trade policies with non-member countries.
Customs union: A type of regional economic integration in which member countries eliminate trade barriers among themselves and adopt a common external trade policy towards non-member countries.
Common market: A type of economic integration in which member countries not only eliminate trade barriers among themselves and adopt a common external trade policy, but also allow the free movement of goods, services, capital, and labor.
Economic union: A deeper form of integration in which member countries not only establish a common market, but also coordinate their economic policies, including fiscal, monetary, and social policies, and may even adopt a single currency.
Political union: The highest form of integration in which member countries also share political institutions, such as a common parliament, executive, and judiciary, and may even have a common foreign and defense policy.
European Union: The most advanced form of economic, political, and social integration in Europe, consisting of 28 member states, with its own legal system, currency (euro), common policies in many areas, and supranational institutions.
"The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best."
"Free trade is treated as an idealistic option, and although realized within certain developed states..."
"Economic integration has been thought of as the 'second best' option for global trade where barriers to full free trade exist."
"Economic integration is meant in turn to lead to lower prices for distributors and consumers..."
"...with the goal of increasing the level of welfare..."
"...leading to an increase of economic productivity of the states."