Economic Integration Is Defined As An Economic Adjustment

Economic integration is defined as an economic disposition between different divisions that are associated together through the synchronisation of fiscal and monetary policies as well as the reduction or elimination of barriers to entry for trading. The sole aims of economic integration are to succour both consumers and producers, by minimising costs, and also to maximise trade between the countries which are involved. In total, there are 8 stages in the economic integration operation, starting from a highly loose alliance of countries in a preferential trade area, to a completely economically integrated coalition, whereby all the economies of the member countries in the union are thoroughly integrated. The first stage is when all†¦show more content†¦The EU is also a politico-economic union comprising of 28 different countries — as of 2013 — that are located primarily in Europe. The United Kingdom has long been a part of European Union, since 1973, and the European Union membership has always had a strong influence on the United Kingdom’s economy in numerous ways. The effects which are most important emerges through a programme of economic integration in which EU’s ‘four freedoms’ — the freedom of movement of goods, services, capital and people — are reassured, known as the Single Market. The impact of EU’s membership to the UK is not only felt in the economic sector, but can also be felt in the areas of its policies too. First and foremost, the most fundamental economic benefit that the United Kingdom experiences would be the positive effect of free movement of goods and services across and between European countries. The free movement of their goods and services should be able to prompt and increase its trade, with the barriers of entry being stripped away. Theoretically, all Member States in the European Union are able to benefit from this because it grants them the opportunity to specialise in those goods and services that they are proportionately more coherent at producing. Furthermore, domestic producers