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ACC6007 Manage Economics Assignments Solution
As we know over half a century ago, the European Union begun its journey through various treaties and expansion. The original purpose of setting up the European Union is to end the frequent wars and unite European countries by promoting economic, political, social and military growth, which ended in the Second World War.
In 1951, the European coal and steel community ecology (ECSC) was created by the treaty of Paris with the intention of rising collaborations in Europe to assured long-lasting peace. There were six members of ECSC at that time including Netherlands, France, Belgium, Luxembourg, West Germany and Italy. It longs back to 1957 where the European Economic Community (EEC) and the European Atomic Energy Community (EURATOM) was established by the treaty of Rome with the aim of creating a common market to ensure free movement of trade, commerce, people and money. Followed by 1968, custom duties were detached for moving of goods between EEC countries. They likewise joint the first policy based on food production and trade to ensure that there is no shortage for foods between their countries. Besides the EEC, EURATOM was created to indorse the peaceful use of nuclear power in Europe.
By the mid-60’s, the creation of The European Communities (EC) was an important stage towards the EU, as the EC leaders believed that they could improve the communities by merging all the three communities into one, headed by one council, assembly and commission. As the EC continue growing, its leaders successfully on their establishment of single market as specified in the Single European Act (SEA), since they seek to improve the free trade of goods and services to help the EC to generate jobs and prosperity. These single market leads to better productivity, rivalry and decrease in prices.
May 1968 was famous for the student riots that happened in Paris and this made the many changes in the general public and the society. This period after that came to be referred to like ’68.
The United Kingdom and Denmark joined the European Union in the year 1973 together with Ireland hence making the member states to be nine. The 1973 energy crisis was caused by the brutal Arab Israel war that happened in October 1973[CITATION Pép14 \p 67 \l 1033 ].The war caused economic problems in the European countries. The last dictatorial government was in Spain and was headed by General Franco in the year 1975. The European Parliament amplified its effect in the European Union matters in the year 1979 whereby it enabled all citizens to elect their leaders directly. In the 1970s, there was an intensified fight against corruption. The EU adopted a policy to protect the environment and introduced the system of ‘the polluter pays.’
Solidarno?? became the household names together with its chairman Lech Walesa following the strikes of Gdansk shipyard in 1980. Greece became the 10th member of the EU in 1981while Spain, and Portugal later joined five years later[CITATION Vau15 \p 23 \l 1033 ]. The single European act was signed in the year 1986. The treaty helped in the provision of a six-year program which sorted out the problem of the free flow of free trade across the member states. The Berlin barrier was heaved down in 1989, and this opened the border between East and West Germany, and this led to the reunification of Germany in the year 1990.
Following the collapse of communication across Europe, Europeans were now closer neighbors and in the year 1993; a single market was created. In that decade, two treaties were also signed and these included ‘Maastricht’ Treaty and Amsterdam in 1999. In the year 1995, the EU added three more members which included Sweden, Finland, and Australia. With the support of EU, many students could learn outside their countries using the EU passport.
As of late, the euro is a new currency for most of the European countries. During the decade of 2000-2009, many countries joined the European Union.11 September 2001 terror attack became synonymous as New York was bombed. The EU countries vowed to work closer to fight terrorism. The political war between West and East Europe was declared over, and then after that many states continued to join the EU. There was the treaty of Lisbon that was ratified by all EU member countries before the agreement entered into force in the year 2009[CITATION Bal14 \p 168 \l 1033 ].
The decade that started in 2010 to date hit Europe very hard. The EU helps many countries through the banking Union. The European Union was awarded the Nobel peace prize in the year 2012. Climate change has still been very high, and hence leaders have agreed to implement policies to reduce harmful emissions. The European elections and contract were held in 2014, and more Europeans were elected in the European parliament. Religious differences have come up in the Middle East as of late, and the EU is faced with the problem of restoring peace in these countries[CITATION Din \p 147 \l 1033 ].
When products enter the European Union, they are supposed to be cleared according to the combined nomenclature. The exporters’ consult the integrated tariff of the community commonly referred to as TARIC. The TARIC identifies particular products that are being imported to EU. TARIC also determines whether a license is required for specific products that enter EU. Challenges are facing the EU which include> the proposal made by President Donald Trump to except Canada and Mexico on the protectionist move. This means that there will be difficulties in carrying out transactions in the USA[CITATION Din \p 254 \l 1033 ].
Following the proposal made by the USA president to take measures and exempt Canada and Australia, there will be short-term benefits in the USA, but the economy will be armed in the long run. It is advisable for the EU to make sure that it counters this move by agreeing with the other member states to cut transactions with the countries exempted by the USA on tariffs. This will make the USA change its stand on tariffs.
1. Baldwin ., R. E. & Wyplosz, C., 2014. The economics of European integration. Berkshire: McGraw-Hill Education.
2. Dinan, D., 2014. Europe recast: a history of European Union. Basingstoke: Palgrave Macmillan.
3. Pépin, L., 2014. The History of EU Cooperation in the Field of Education and Training: how lifelong learning became a strategic objective.. European Journal of Education, 24(5), pp. 47-67.
5. Vauchez, A. J., 2015. 'Integration-Through-Law': Contribution to a Socio-History of EU Political Science Commonsense. Oxford: Oxford University press.