GEOGRAPHY----As a result of two major developments – rise of the European Union

Question

GEOGRAPHY----As a result of two major developments – rise of the European Union and the demise of the Soviet Union - that took place during the 1990s, Europe enjoyed greater peace, prosperity, and leadership for the next two decades. This European status (European Union, EU, – rising super power?) diminished during the past decade due to several major events (both internal and external to the EU) such as Brexit, and political and other changes in major world economies. Discuss the impact of three such changes on European prosperity and leadership; you must choose at least one event from internal and one from external sources.

Explanation / Answer

The European Union (EU) is a political and economic partnership that represents a unique form

of cooperation among sovereign states. It is the latest stage in a process of European integration

begun after World War II, initially by six Western European countries, to promote peace and

economic recovery. Its founders hoped that by pooling sovereignty in certain sectors (primarily

economic ones at first), integration would foster interdependence and make another war in

Europe unthinkable. The EU currently consists of 28 member states, including the formerly

communist countries of Central and Eastern Europe.

The three changes and its impact on European prosperity and leadership are as follow :-

1.On November 1, 1993, the Treaty on European Union also known as the Maastricht Treaty went  

into effect, encompassing the European community and establishing the modern-day European Union. The EU was

intended as a significant step on the path toward not only greater economic integration but also

closer political cooperation. The Maastricht Treaty contained provisions that resulted in the

creation of the eurozone, in which participants share a common currency, a common central bank

(the European Central Bank, or ECB), and a common monetary policy (there is no common fiscal

policy, however, and member states retain control over national spending and taxation, subject to

certain conditions designed to maintain budgetary discipline).

The Maastricht Treaty also set out a blueprint for greater coordination on foreign policy and

internal security issues. Since the mid-1990s, EU member states have worked to forge a Common

Foreign and Security Policy (CFSP), including a Common Security and Defense Policy (CSDP),

and sought to establish common policies in the area of Justice and Home Affairs (JHA).

2.The 2008-2009 global recession and the eurozone debt crisis significantly affected European

economies, decreasing growth and increasing unemployment in many EU countries, and posing a

risk to the European banking system. Some EU governments imposed unpopular austerity

measures in an effort to rein in budget deficits and public debt. In order to stem the eurozone

crisis, Greece, Ireland, Portugal, and Cyprus required European and international financial

assistance. Despite some signs of recovery, many EU countries continue to struggle with sluggish

growth, high unemployment especially among young people, and dissatisfied publics.

3. Horizon 2020, the EU’s new research framework

programme, will strengthen Europe’s innovation

leadership by fostering excellence in research and the

development of innovative technologies. Almost

€80 billion will be invested in the period 2014–20 in

research and innovation projects. This will help the

EU produce new products and services that are

competitive for the international market.

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