The European Union (EU)

The European Union, also known as the Europen Economic Community, was established in 1957 under the treaty of Rome. The common currency adopted by the union is the Euro ‘€’ which paved way for the establishment of the European Monetary Union.

Objectives of the European Union (EU)

i. To promote economic and social development among members

ii. To establish European social funds in order to improve the wellbeing of members

iii. To establish common customs tariff and for commercial policy towards third countries

iv. To increase peace and raise the standard of living of the members

v. To coordinate qualitative restrictions in regards to import and export of goods.

vi. To reduce tariffs among members with the objectives of free trade among the members

vii. To have common agricultural and transportation policies

viii. Free movement of capital and labour within the states

ix. To harmonize the members economic policies