The role of the European Union in the world economy and Great Britain’s involvement and non-involvement in aspects of the Union.
This paper deals with many concepts of modern international relations, such as the departure from the bipolar system of the Cold war and how, with the united Europe, the world may be headed back to a bipolar system. The paper also explores how, beyond just being allies, the united Europe positions itself as an economical adversary of the United States. Finally, the essay explores the role of Great Britain in the formation of the European Union, while looking into the British refusal to enter it completely, as with acceptance of a single currency.
The European Union has been a formidable geo-political and economic institution for the past forty years. It has not always existed as we see it today. To obtain today’s form it has evolved in a similar fashion to other multi-lateral bodies in the world as well as some countries, such as the United States. The idea of a United Europe evolved from the ardent advocacy of former British Prime Minister Winston Churchill. On the 19th of September 1946, at Zurich University, he promoted the idea of a United States of Europe. From that moment on the European states began the Herculean task of coordinating economic agreements the most prominent of which is the new Exchange Rate Mechanism, or the Euro, and other multi-national decisions that would be the beginning phases of economic, and in-turn governmental, integration in Europe. As Nigel Lawson stated; Economic and monetary union implies nothing less than European government. The first effect of this growing movement was the implementation of the Euro as a means of continental transaction amongst the member states in 1998 and the eventual full integration of the Euro among the member nations as of January 1, 2002.