Question

3) Discuss the economic-integration project known as the European Union in its different stages. Briefly characterize why we have come to refer to the EU as “multi-speed Europe.”

Answer 1

European Integration refers to the integration of Europe countries to have the legal, industrial, political and economical control and regulation over economies different states of Europe.

The European Union economic integration was divided into seven stages which were Free trade area, customs union, preferential trading area, economic union, common market, complete economic integration and economic/monetary union.

The main motive of converting European economies into a single economy was to remove all barriers among these countries in order to have better control over the production and economy of the nation and to regulate the nations to have outside trade.

Multi-speed Europe is also known as two-speed Europe and it basically presents an idea to convert the European economies into a single one and to integrate economically.