European Union

Definition:

The European Union (EU) is an economic union of twenty-seven member states. The EU aims to enhance political, economic, and social cooperation through a process known as European Integration. The European Union consists of Austria, Belgium, Bulgaria, Cyprus, Germany, Greece, Hungary, Ireland, Netherlands, Poland, Portugal, Romania, Czech Republic, Denmark, Estonia, Finland, France, Italy, Latvia, Lithuania, Luxembourg, Malta, Slovakia, Slovenia, Spain, Sweden, and United Kingdom. (p. 185)

Satterlee, B.(2010). Cross Border Commerce. Roanoke: Synergistics.

Summary:

In the article "Europe's Dark Secret" it discusses the financial markets within the European Union. The international trade cycle between the countries of the EU is one of the main concerns of the article. Another important issue discussed in this article is the effect that the financial situation is having on the European retail market. Retailers are very unhappy that they are having to buy the same products from the same supplier at different prices for different countries. The larger retailers are accusing the suppliers of inflicting geographical barriers because of the rules that the European Union have set in place.

Discussion:

The European Union, also known as the "EU", is given credit for what some suppose to be its greatest success which is the single market. They created this market to help revive Europe's struggling economy and to ignite a more competitiveness nature between the retail businesses. While some Europeans are trying to express their unhappiness with the single market and would like to blame it for Europe's declining economy, others such as Mr. Michel Barnier, the commissioner of the single market, would like to blame on the financial markets. The EU has assured the European people this decision to relaunch the single market will without a doubt have far more positive results than negative ones.

In today's society people are able to go onto the internet and find exactly what they are needing and able to find that product for the lowest price, which is not helping the European Commission's reports. The internet is a way for a consumer to be able to take control over their spending, but it also means they could be ordering their merchandise from the United States while living in a European country. "Whatever the reason, European shoppers often find it easier to buy goods from America than from a neighbouring country."(Economist 2010) It seems that the European Union is trying their best to increase their economy's financial reports, but the Europeans do not have very much patience for their efforts.

References:

The Economist Staff. (2010, June). "Europe's