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Oeconomicus, Volume V, Winter 2002 The Future United European Community: A Discussion of the Past, Present, and Future *

By L. Watkins

Abstract

The Euro is the new single European currency for participating European Union (EU) member countries. The participating countries have adopted the new single currency to simplify cross-border trade, employment and travel. Through the single currency, most European travelers (or businesses), for example, will no longer have to pay the currency exchange rate fee (i.e., transaction costs). In addition, there will be no need for speculation on the value of European currencies against one another as risk related to such valuation changes. The intent of this paper is to briefly discuss the historical reasons for the creation of the European Union. The current state of the European Union will be presented by stating the economic significance of this pact for the European Community. This paper will culminate with a weak-form hypothesis concerning what will happen to the European Community and the Euro in the future. A Brief European History Lesson European countries have a long history of war from the times of the Roman Empire invading, controlling and influencing much of Europe before 400 AD. Aroun

Year: 2011
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