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A overview of the European Union its workings problems etc - Introduction Europe made up more than 30 countries and even more distinct cultures it is now trying to adjust to new economic systems throughout the world Today with the trend toward big trading blocks like NAFTA or GNATT Europe is trying to advance its old Trading block called the European Economic Community EEC to become the European Union The current membership of 15 countrys is ruled by one European Parliament Under the EU each country will be under one currency called the Euro dollar which is to come into effect on January 1st of 1999 one central banking system and will be regulated with the same set of laws In effect the countrys of the EU will eventually become one The way to a unified Europe is not a easy one problems caused by countries unwilling to give up their sovereignties and by countries afraid of the new Union continually slow its progress Problems Facing the European Union Sovereignty or Unity This raises many conflicts with Europeans For thousands of years Europe has been torn time and again by wars which were largely fueled by ethnic or religious differences Today however Europeans are asked to put aside their differences and become one With nationalism still strong throughout Europe many people are strongly against the EU Analysts strongly suggest however that the EU is the only way Europe can improve its economy Unemployment in most of Europe is running above 10 percent and countries like Germany and France are suffering from net investment outflows European economies are groaning under the weight of rigid regulation high labor costs high taxes and generous social services that have become too expensive to sustain Meanwhile labor protests are on the rise companies cut costs and governments try to slash budget deficits Expansion The EU causes
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