Unit 8: Economics in a European context

Economic integration

Economic integration is the combining or two or more economies in some characteristics, the movement towards the creation of a single global economy. Economic integration has a number of distinct stages.

The European Union was set up as a Customs Union in 1957 in the Treaty of Rome. The Single European Market was created by the Single European Act of 1986 and the movement of some member states toward Monetary Union was started in 1993 in the Maastricht Treaty.

Common policies

With the creation of the SEM to address market failures four common policies were implemented.

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