The European Union : Economic And Political Partnership Between 28 European Countries

1686 Words Jan 16th, 2016 null Page
The European Union represents an “economic and political partnership between 28 European countries” (European Union, 2015). The EU is characterised as a single market where the movements of goods, services and labour are free between countries. However, the issue of the PIIGs (Portugal, Ireland, Italy and Greece) destabilised and challenged this union. As it created financial contagion within the economies, and lead to Britain and other members contributing to bailout funds for these debt ridden economies. This has consequently lead to the creation of the term ‘Brexit’, which is associated with the notion of Britain potentially withdrawing from the European Union (EU) (Oliver, 2015). Since the 2015 general election this term has been very prevalent in the media, due to the rising support from the British public to withdraw Britain’s membership from the EU. This was largely reflected in the 2015 general election vote, in which UKIP votes represented 12.5% (BBC News, 2015) of the UKs vote share. This has since prompted David Cameron to commit to an in-out referendum in 2017 on Britain’s membership. Therefore, this essay will evaluate the implications of a ‘Brexit’. Specifically, analysing how these consequences may alter the response of the Monetary Policy Committee (MPC) in maintaining monetary stability.
Immigration
Immigration is key aspect of the EU, as unlike other trade agreements it also allows for labour mobility between member countries. If Britain was to leave the…

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