Economic Integration Of The United Kingdom Essay

737 Words Jul 8th, 2015 3 Pages
Economic integration consists of several stages. Stages in increasing integration includes independent economy, preferential trade area, free trade area, customs union, common market, monetary union, fiscal union and political union. One of the main reason why nations pursue in economic integration is that economic integration will effect in an increase of trade between members of the state. This will lead to an increase in productivity of the nations.

United Kingdom (UK), also known as Britain is a sovereign state in Europe. Having a total area of 93,800 square miles, it is placed as 80th largest sovereign state in the world whereas in the Europe, it is placed the 11th largest. Being considered as a country that have a high income economy, UK is categorised very high in the Human Development Index and is ranked 14th in the world at the moment. UK with an estimated populations of 64.5 millions is currently placed as the 22nd most populous country in the world.

European Union (EU) on the other hand is a politico-economic union of 28 member states that are situated mainly in the Europe. Politico refers the to politics of European Union whereas the economic refers to the economic and monetary union of the european union. According to a report 2014, United Kingdom currently has the third largest population in the EU. United Kingdom is not only is placed as the fifth largest national economy when being measured by nominal GDP. It is also the ninth largest when being…

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