European Union Economic Integration and Development

By Musat, Mihaela | Global Economic Observer, January 1, 2019 | Go to article overview

European Union Economic Integration and Development


Musat, Mihaela, Global Economic Observer


1 INTRODUCTION

Brief history the economic integration concept

The "integration" concept was used, from its first graphic attestation, in 1620, and the beginning of our century, exclusively in the exact sciences. It was subsequently taken over and used extensively in the last half century to denote phenomena, processes, actions or states that were taking place in the sphere of politics, philosophy, culture, and, as "the economy lives in society, cultural, political and social, and these are very difficult to be dissociated from each other, as long as the real is a globality, meaning what we consider to be "the assemblies assembly ", of economy, too. In an economic sense, the term" integration "was initially used to describe the combination of sectors of production and sales units by concluding agreements between competing firms.

2. WHAT IS ECONOMIC INTEGRATION? DEFINITION AND IMPORTANCE.

Economic integration is defined as the main factor in eliminating economic boundaries between two or more economies. An economic boundary in this case is defined as a demarcation over which the actual or potential mobility of goods, services and production factors, as well as of communication flows, is relatively low. On both sides of an economic border, we find that the establishment of prices and quality of goods, services and factors is only marginally influenced by the flows across the border.

Economic integration involves the elimination of economic barriers between two or more states, barriers which can be defined as any obstacles that prevent or distort the mobility of the production factors. In an ideal world, where there are no nation-states or governments, economic integration could remain a mere integration of the markets without suffering any political influence. In the real world, however, economic integration is influenced by political factors, and in the case of the European integration process this aspect is quite obvious. By economic integration, we also understand the complex process characteristic of the contemporary stage of society's development, which consists essentially in the intensification of inter-dependencies between different states, process conditioned by a cumulus of factors, of which an important role belongs to the technicalscientific revolution.

The fundamental importance of economic integration is represented by the growth of actual or potential competition. Economic integration can be regarded in different ways, depending on the context in which it is used, and can demonstrate various degrees of economic cooperation in a number of fields, such as: labor mobility and capital, payments, fiscal and monetary policies, etc.

At the same time, integration involves the action of embedding, incorporating or harmonizing into one. We understand the concept of economic integration as the need to build more and more economic spaces for the maximum use of production capacities. Economic integration aims to reduce costs for both consumers and producers and to increase trade between the countries involved in the agreement. The viability of European economic integration depends first and foremost on the sharing of European democratic and cultural rights by a state, and then on its economic capacity and performance.

The basic principles of economic integration are:

- Formation of a common economic space;

- Free movement of capital, goods, services and people,

- Legislation harmonization in the economic, monetary, financial and social field;

- Creating common institutions to which the participating countries transfer some economic competencies.

As economies become integrated, there is a lessening of trade barriers and economic and political coordination between countries increases

It can be said that in time, through integration, it is obtained the best structure of the international economy by removing the artificial obstacles, in order to optimize its operation, but also through the introduction of all stages and desirable elements of coordination and unification. …

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