The advantages and challenges of European integration for business in the 21st century Essay Example

The advantages and challenges of European integration for business in the 21st century Essay Introduction: With Europe being the epicentre of the two Great Wars of the last century, a robust arrangement of cooperation and mutual benefit was made imperative. With the collapse of the Berlin Wall, an opportunity was created for the erstwhile divided Europe to once again unite under a democratic framework. On the broader geo-political scale, the rise of the United States of America as the undisputed superpower had made a case for a suitable counterbalance. The greater integration within Europe, as witnessed in the last two decades is an attempt toward this end. European integration as it exists today is largely confined to the domain of economics. In other words, the dismantling of labour movement barriers between nations, the floating of a common currency, the adoption of common laws pertaining to trade and commerce, are all outside the purview of domestic/internal policy. To this extent, the constituent nations retain their cultural and social uniqueness, while still benefiting from new economic opportunities created within Europe. This essay will look into the advantages and challenges created by the process of integration by way of studying its various facets. We will write a custom essay sample on The advantages and challenges of European integration for business in the 21st century specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The advantages and challenges of European integration for business in the 21st century specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The advantages and challenges of European integration for business in the 21st century specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The origins of European Integration: Given the long history of war and conflict between European nations, there emerged a need for strong commitment toward cooperation and mutual benefit. The first step toward this cooperative framework was initiated with the formation of Council of Europe and the European Convention for the Protection of Human Rights and Fundamental Freedoms in the year 1950. An impressive 40 European nations subscribed to the resolutions carried forward in the convention. Yet, the Council of Europe remained a peripheral institution as the continent was divided in two during the Cold War. It would be another forty years for the next significant step toward integration, which came with the fall of Berlin Wall in 1989 and with it the collapse of the Soviet Union. The commitment toward amicable relations within Europe resumed with the signing of Maastricht Treaty in 1993, which was further expanded in the Charter of Fundamental Rights in the year 2000. The Charter drew together â€Å"all EU-protect ed personal, civil, political, economic, and social rights into a single text. But it goes beyond simply restating already respected human rights by addressing specifically modern issues such as bio-ethics and protecting personal information and data†. (Nagel, 2004) An important aspect of the integration is the common acceptance of EU law by all constituent members. With it they agree to abide by the judgments of the European Court of Justice, which will be the highest authority in resolving legal disputes. The core principles of EU law were built on the common European traditions of law and justice. As a way of making this new institution effective, all member nations have agreed that â€Å"EU law overrides national law in areas where the EU has authority and that the European Court of Justice is the final arbiter of EU law. Its complete judicial independence makes it one of the best examples of European integration†. (Rucker, 2004) Advantages created by European Integration: 1. Free Market Economy: At the centre of the European Integration is the acceptance of principles of free market economy by national governments. Hence, it is only on expected lines that different member states have embraced the free market ideology at varying degrees. The smaller nations of the EU have benefitted the most from the removal of barriers to trade and labour. The Single European Act and the Maastricht Treaty are the key legislations pertaining to this integration of erstwhile separate national economies. These laws endeavour to decrease, if not eliminate, â€Å"national differences in fundamental policies that are viewed as common interest to the Union although there are vast differences in the social and economic structures of the members† (Favell, 2001). The application of principles of market economy across the EU has transformed the economic landscape of the entire region. A healthy state of competition exists between nations and their leading enterprises, which helps generate economic growth, boost trade, encourage investment and lift the standard of living for all European Union citizens. A classic example is the deregulation in telecommunications and air transport sectors and privatization of state-owned enterprises across the EU, which has levelled the playing field and has encouraged competition while also having positive economic implications for the citizens. 2. Opportunities for Smaller Members: In its early days, the European Union comprised of only six nations, all of which had well-developed economies. The subsequent stages of enlargement have made the Union more diverse in terms of the social and economic status of its member states. This has conferred unprecedented opportunities for the smaller nations of the EU. Nations from the Eastern European bloc, especially, have benefitted from this integration. At the time of the collapse of the Soviet Union, these nations were in economic turmoil. With the adoption of democracy and free market capitalism, these nations have managed to come back from the brink, although some challenges still confront them. Furthermore, the European Court of Justice has gained a reputation for fairness and has not favoured one nation over the other in its short history. This must come as a big boost for the smaller members. For example, â€Å"The European Court of Justice (ECJ) in Luxembourg, for its part, has displayed remarkable activism. EU law generally has direct effect: it becomes part of the acquis communautaire that domestic courts must enforce. The Court reviews the legal status of acts undertaken by Union institutions, supervises member-state compliance with the founding treaties and secondary Union legislation, and interprets EU law for domestic courts.The Court has strived to rise above and mitigate the inter-institutional squabbling that has so often paralyzed the EU†. (Favell, 2001) 3. Attainment of Greater Social Solidarity: In the last two decades, the European Union underwent a rapid expansion. The confluence between the Western and Eastern blocs had seemed impossible at a time. But most of the former Communist countries have now been included in the broader EU, which has helped people across the continent progress toward peace and prosperity. It is a testament to this renewed European solidarity that the EU was able to â€Å"launch or complete daring projects such as Economic and Monetary Union and the introduction of the euro, an EU Defence and Security Policy, and the European Immigration and Asylum Policy†. (Schmidtke, 2007) Challenges facing European Integration: 1. The Immigration Problem The most talked about issue regarding European Integration is the issue of immigration. When the EU was initially conceived it was meant to provide a level playing field for labourers from all across the Union. But based on recent statistics and opinion polls the movement of labour across national boundaries has not been hassle-free. The problem is compounded by factors of race, origins and nativity, for â€Å"even more than indigenous Europeans, foreign-origin populations have run into barriers when trying to gain a say in the EU policy-making process† (Verdun, 2005). Furthermore, â€Å"The distance separating immigrants from the Union and its policies, the Union’s institutional structure and the trend toward intergovernmental bargaining, the diversity of national immigration policies, and the specific actions of EU authorities have all hampered immigrant participation. A legal wedge has been driven between EU and third-country nationals, and between second-generation immigrants and their parents.† (Schmidtke, 2007) The particular case of Britain is of importance to the discussion, given its past experience with colonialism and post-colonial immigration. The nature and complexion of immigration to the UK has undergone a radical change since the economic integration of European nations and the enacting of common European Union laws. Ever since the New Labour ascended to power under the leadership of Tony Blair, the British government has been confronted with the challenging task of pleasing its indigenous people while not affronting immigrants. If we accept the precept that public opinion is a driving force for policy changes, then the outlook for immigrants does not look promising. A survey conducted by Channel4’s Dispatches, in collaboration with YouGov titled ‘The survey for Immigration: The Inconvenient Truth’ has thrown light on some surprising facts. A majority of participants are of the view that immigrants contribute to â€Å"diluting our culture and leading to th e breakdown of society† (Gillingham, 2003).

How to Get Your Finances On Track in 2017

How to Get Your Finances On Track in 2017 Feeling like there’s never enough money or time? Want to get healthy or plan for the future? Try these steps to take charge of your life and build some real progress in the new year, while lowering your taxes so you’ll have more of your hard-earned fruits to enjoy for all that labor. 1. Spend money to make moneyGetting professional help to lose weight or quit smoking can pay off in the long run. So can soliciting proper legal advice on contracts and finances. So can giving to charity. All of these things are often tax-deductible ways to make your money work for you- and help you to grow. Oh, and shell out for a tax pro to help you out come tax time, too.2. Get organizedTrack your travel miles, your donations, and your time, and keep a clear log in an easy-to-remember place for tax time. You’ll be glad you did. Remember to keep your receipts so you can itemize. As intensive as it sounds, it can be worth the effort.The next time you see anything that might be relev ant to end-of-year tax prep, start gathering it together in dedicated envelopes. That way you won’t be digging around for things at the 11th hour.3. Plan your financial planningLook at your stock portfolio and your retirement accounts (if you have ‘em!) and make sure you’ve got everything in order. Are you making all the smartest bets? And if you don’t have an IRA consider getting one; you’ll have until April 18Â  to fund it, and you can deduct it on your 2015 taxes.4. Optimize your givingWhether to charity or to yourself, giving will get you there faster and keep your tax bill down in the process. You can do your part and beef up your savings in the process.