European Common Market: the Creation of the Euro

European Common Market: The Creation of the Euro

European Common Market: The Creation of the Euro
European economics changed significantly with the introduction of the European Union (EU).   The later adoption of a single currency, the Euro, under a common monetary system agreement between participating EU countries also affected global economics.   The effects are measurable.
History of European Union
Economic agreements to exchange goods and services between countries, trade agreements, have been common for centuries.   Economic trade alliances' primary function is to expand each country's available goods with the cooperation of other countries.   Examination of the European Common Market, known as the European Union (EU) demonstrates the benefits, effects, significance, and success of   "a remarkable achievement in international cooperation" (Geffert, 2010, p. 1) and the larger, global, economic effect.
The European Union (EU), created after World War II, was an alliance between six countries to expand trade, create a single European Market, and to prevent war through close cooperation between European people ("European union",   2009).   In 1993 under the Maastricht Treaty the "Copenhagen Criteria" (Tiwary, 2008, p. 1) was established to define membership requirements that included "…stable democratic government which focuses on human rights [;]…an economy…with the ability to handle the inevitable competition [; and]…the ultimate goal of being one common body, economically, socio-politically, and monetarily…" (Tiwary, 2008, p. 1). Member benefits eliminate customs barriers, open public market exchanges, and enable unrestricted movement of migrant workers...