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European Union:definition & objectives

What does the term "European Union" mean? What is the European Union's ultimate objective? Comment on its success in the international business sector. Why has the creation of the European Union encouraged more North American and Pacific Rim companies to establish operations in Europe?

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The term 'European Union' refers to a united group 27 European countries with the goal of a single market for goods and services without any economic barriers. Seventeen of the countries use a common currency, the euro. All member countries have standardized laws. The European Union (EU) allows free movement of goods, people, services and money. The organization was based on an idea to foster economic cooperation, with 'the idea being that countries that trade with one another become economically interdependent and so more likely to avoid conflict' (Europa, 2013). The focus of the organization has evolved to promote human rights and policy areas from development aid to climate concerns. In order to join the EU, a country must meet certain conditions, titled the Copenhagen criteria, which include the need to respect human rights and the rule of law, be a stable democracy, have a functioning market economy and be capable of competition within the European ...

Solution Summary

This solution defines "European Union" and discusses its objective. It also discusses the EU's impact on the international business sector, and why the establishment of the EU has encouraged more American and Pacific Rim companies to establish operations in Europe. APA formatted references are included.