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The response address the queries posted in 1865 words with references.

//European Union is an important institution consisting of European countries. In this paper; we have to discuss the 'Structure of the Institution', and its advantages and disadvantages. But before delving into the main issue in the paper, we must give an introduction about the body for better understanding of the topic. Apart from this, we also have to deal with exchange related risk for Zowie Productions and about its exports. //

Introduction

The paper discusses about the structure of European Union and the advantages and disadvantages of European Union for Abbie. It also discusses about the exchange related risk for Zowie Productions and about its exports. The European Union acts as an important body which comprises of twenty seven independent states. It has a standardized set of laws and gives the freedom of movement of people, goods, capital and services. It helps in increasing political, economic and social co-operation. It has a number of trade policies to regulate the activities of its members. The member states of European Union adopt the same currency, the Euro (European Union, 2008).

// After providing a brief introduction about European Union; we move on to explaining the structure of the institution. Under this, details regarding the member countries and the 'role' played by EU in International trade and Policy formulation should also be covered. //

Structure of the European Union
European Union is also known as the European Economic Community, European Common market and the European Community. In the beginning, it consisted of only six members viz. Italy, France, Germany, Belgium, Netherlands and Luxemburg. It focuses its trade policies on the elimination of the quotas and the trade barriers. It liberalizes the monetary and taxation policies and allows free flow of the various factors of production. It also follows a common policy of transport, competition and agriculture for all the member states. It also puts a common tax rate on the imports from all over the world.

// Under the structure of the European Union, we will also throw light on how EU has contributed towards unifying the European economy making it a very strong market and also its share in the total GDP of the World Economy. //
Later on, many other countries became the member of the European Community like, Poland, Hungary, Czech Republic, Malta, Slovenia, Slovakia, Lithuania, Latvia, Estonia, Cyprus, Romania, Bulgaria, Turkey, US, UK, Japan etc. The EU adopted the European Monetary System and the Common Agricultural Policy (CAP). In the year 1992, it united the economies of all the member nations into a single market to remove all the restrictions on trade and movement of factors of production. The European Union is the largest market in the world and comprises of the 60 percent of foreign trade. This led to improvement in the efficiency and ...