Question

Discuss the strengths and weaknesses of European Union as a regional economic group.

Answer 1

The Advantages of the European Union. One of the biggest benefits that are offered to the member countries of the EU is that they are free to trade with other members at no additional taxation. This helps to keep prices of goods and food down in these countries.

Answer 2

The strengths of European Union as a regional economic group lead to creating avenues for trading and social and political cooperation between the countries. On the other hand it lead to increase in trading barriers between countries and it lead to diversion of trade to other countries

Explanation:

Strengths

• It helped to increase trading between the countries with more selection of of goods and services. It helped in getting goods at lower costs due to reduction in tariffs
• It encouraged employment opportunities for the countries due to the European Union and economic integration
• There was social and political cooperation between the countries due to liberalization of trade with exchange in technologies

Weakness

• The  liberalization in trading became limited due to lack of currency support and many other forms of trading barriers
• The trading barriers resulted in diversion of trade with other countries.
• The countries were not willing to give up certain controls required for the monetary policies  and other controls needed for the political and economic integration

To know more about European Union

Difference between European union and European monetary union

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