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Economic Integration: European Union, Monetary Union And Political Union

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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, …show more content…
EU economy comprise of an internal market, which is sometimes also known as the EU single market that look to assure free movement of goods and services as well as capital and people. If EU was to be considered as a country, it would be ranked first in the list of countries by GDP by International Monetary Fund (2014), World Bank (2013) as well as CIA World Factbook (2003-2014) leading by at at least US$ 10,000,000 million on each …show more content…
This means that, EU has a rather high GDP. Moreover, when comparing real GDP growth rate, UK is said to have a higher growth rate compared to EU with 3.2% and 1.4% respectively. According to a data in ieconomics.com, with the reference from May 2015 and April 2015, UK has an inflation rate of 0.1% and on the other hand, EU has an inflation rate of 0%. Unemployment rate can be calculated and presented in various way depending on the country. By analysing the unemployment rate of UK and EU, it is noticed that EU has a fairly high unemployment rate of 9.7% compared to the unemployment rate of UK of

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