Developments In The European Union Essay Example | Topics and Well Written Essays - 3000 words

Developments In The European Union - Essay Example This effort was established by the Treaty of Maastricht in the year 1993 upon the foundations of the pre-existing European Economic Community. With almost 500Â  million citizens, the EU combined generates an estimated 30% share of the worlds nominal gross domestic product, (US$16.8 trillion in 2007) which also reflects global concern as structural and humanitarian developments (International Monetary Fund). Thus, the EU has developed a single market through a standardised system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services and capital minimising the formalities of the Minister of External Affairs of the different member states and the other states accessing for the EU status (European Commission). It also maintains a common trade policy, agricultural and fisheries policies, and a regional development policy to convert the geographical differences into one landmass and also providing a broader channel of development in turns of trade and commerce, for the in and out the flow of the business is multiple, of course, huge (Farah 2006). With a far-sighted view of cash flow that can feed a fifteen member states, which have adopted a common currency, the euro, thus, expanding the operation of the transactions into many other nations. It has developed a role in foreign policy, representing its members in the World Trade Organisation, at G8 summits, and at the United Nations. Twenty-one EU countries are members of NATO. It has developed a role in justice and home affairs, including the dealings with immigration to the states by the abolition of passport control between many member states under the Schengen Agreement (Europa 2005).