The European Union: Common Trade and Economic Policy

8 July 2017 | Author/Destination: | Rubric: General, Editorial, EU blog post series, European Union Reading Time:  47 minutes

Common and Economic Policy
The European Single Market is the single market of the European Union, which has officially existed under that name since 1 January 1993. Today, the European single market is the largest common market in the world. The four fundamental freedoms (free movement of goods, free movement of persons, freedom to provide services and free movement of capital and payments) form the basis of the internal market of the European Union. The creation of the European Single Market led to a new economic momentum in the EU in the 1990s, during a difficult global economic environment, as the Japanese bubble bursted, the stock market crash in the USA and the Eastern European countries, due to the collapse of the Eastern Bloc, in a deep recession. In order for the single market as well as the foreign trade to develop within a framework, the economic policy of the European Union is divided into a number of fields. The five main areas are the agricultural policy of the European Union, the European Economic and Social Committee, the European Union’s financial market policy, the European Union’s budgetary policy and the monetary policy of the European Union, which in turn can be subdivided into numerous other thematic complexes.   read more…

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