The European Union

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Term Paper Title	The European Union
# of Words	1452
# of Pages (250 words per page double spaced)	5.81

The European Union

     After World War II Europe was left completely devastated economically, politically, and
militarily.  European leaders theorized that cooperation was the key to maintaining peace and
stability in Europe.  This premise is what the European Union was founded on.  The goal of the
EU is to bring all European countries together to form one supranational state, both economically
and politically.  In the 1957 the Treaty of Rome was signed creating the European Economic
Community, or the EEC, with France, West Germany, Italy, Belgium, Netherlands, and
Luxembourg as the original six members.  The first step is to create a common economic market
to promote trade between member countries by reducing tariffs to zero on intermember trade.
Then move on, if successful to touchy areas like politics.  Since it has began the EU has faced
many hardships associated with integrating peoples with different languages and cultures.  The
purpose of this paper is to examine recent economic statistics with past years to show how
successful the EU’s economy has become, to show how the EU is converting to the Euro and it
ramifications, and examine possible problems in the future and what is being done about to
correct them.
     The European Union has been very successful in its goal to make the economy stronger.
Together the EU represents an economic market the size of the US, making it a formidable world
trade competitor.  It is important to examine national growth and GDP of EU and compared it to
the US.  All numbers are expressed in millions of euros unless otherwise stated.  The EU’s GDP
has grown from 5,199,161 in 1995 to 5,778,467 in 1998.  This shows that the EU is experiencing
a stable 2.6% economic growth especially when compared to the US’s 3.8% increase.  Deficit
spending is reduced from 251,131 or 4.8% in 1995 to 123,440 or 2.1% in 1998 cutting it by more
then half.  It is important to the success of the EU that its member countries stabilize their
economies.  Several countries are making great progress most notably Italy and Ireland.  Italy has
cut its government deficit by more then two thirds from 63,404 in 1995 (7.7% of its GDP) to
27,953 (2.7%) in 1998.  Ireland has gone from a deficit of 1,102 (2.1%) to a surplus 1,793
(2.3%) in 1998 (Eurostat).  Another big problem is getting a handle on the unemployment
problem.  The EU as a whole has an alarmingly high unemployment rate of 10.7% verses the US’s
low 4.9%, but is a huge improvement over previous y...

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