Free Essay

The Impact of the Eu

In: Business and Management

Submitted By jkorn0001
Words 854
Pages 4
The Impact of the EU on Greece’s Economy

INT 650
9-2 Short Paper Greece is one of the most affected country’s that entered into the European Union because the unification of the economies of the sovereign states in the region known as Europe is limiting their ability to emerge from their own financial crisis. In-order for Greece to devise a solution to their current national debt they must negotiate with the leaders of the European Union to create terms that will allow them the ability to correct their economy. However, the social unrest that this delay of negotiations is causing continues to inhibit Greece from moving forward in-order to restore stability to their country. Russia is interested in helping the country, but this would violate the terms set by the EU; plus the population of Greece is split between the ideas of removing itself from the European Union and entering into another agreement with other nations such as Russia. The Unification of Greece into the Union was not the creation of their financial issues, but is hindering the ability of the country to correct it in-order to help its citizens. The country is experiencing tremendous instability in their banking system due to the distrust of the people losing their money in the banks because the government fears that if they do not freeze the people’s accounts a rush to withdraw their cash will occur once the announcement after June, 2015 passes that a resolution for Greece’s debt was not agreed upon (Reguly, 2015). The financial crisis has not only hindered the ability of the government in Greece to manage the debt of the country properly enabling them to provide vital services to its people, but the Unification into the EU and its inability to negotiate terms that are reasonable for Greece to recover is hurting the Greek people more than anything. Unemployment among the youth in Greece is high creating some resentful populations of youth to emerge in the country causing social dis-order in the country from protests and riots. This is not only the youth feeling the effects of the financial disarray, but most of the population because the instability in the country’s domestic economy is scaring away much needed capital investment that could help create jobs and boost the overall economic success of Greece (Choupis, 2011). However, their unification into the EU has created a barrier that does not allow them to manage their own sovereign states economic policies without ramifications placed upon them by the Union. This action of leaning towards a regional based regulatory system over the economic decisions of individual free states, especially in this case, has shown that when one country fails than the rest of the partners in the Union tend to try and protect their own economies from any spill over affects. Greece’s stability is taking a back seat, which can be seen because of the fact that the EU will not re-negotiate any reasonable terms that will not place the future generations of Greek’s into a system to pay off their country’s debt (Reguly, 2015). The integration of the economies in Europe has the entire Union scared because the ramifications of Greece defaulting on their debt could leave the rest of the countries in trouble too. The solution seems to try and force the Greek government into a deal that will be unreasonable for the country to ever emerge past a certain state of economic success because the country will never be able to attract any sort of monetary investment because the heavy debt payments that the country will have to pay if they agree to the terms. This only places a heavier burden on the people in Greece that are already in dyer situations because the delay to resolve their debt crisis is only perpetuating the issue and allowing it to unfold cementing dis-order socially in the country, which continues to feed the financial problems. Without a population that is able to create economic growth because the opportunity is simply not there will result in their collapse if the EU does not stop hindering the process of not resolving just the country’s debt issues but their entire economy (Choupis, 2011).

Choupis, M. (2011). The Crisis in the Greek Economy and Its National Implications. Mediterranean Quarterly. Retrieved June 27th from
Reguly, E. (2015). Economy Greek Debt Crisis: 45 – Billion Why the EU Bailout Won’t Be Enough. Retrieved 6/27th from

Similar Documents

Premium Essay

Impact of Eu Regulations on Government Market

...Study of market: The impact of OECD & EU regulations on the Government IT market. A. Subject and scope of the study The initial Business Strategic Review (BSR) made by the Government (GOV) Business Community in 2010 has shown a lack of reusable solutions from one country to another in the Public Sector. Therefore we would like to investigate a new way to build up an international cooperation and to derive national IT needs from international regulations issued far in advance. The main focus of the study should be on the impact of European (EU) and of Organisation for Economic Co-operation and Development (OECD) directives and regulations on the European Member States (MS) in the area of Government-to-Government (G2G) collaboration between fiscal Administrations (typically Customs & Excises, but also VAT and more generally any Taxation department involved in fight against fraud or debt recollection at international level). Business-to-Government B2G exchange of information derived from such regulations, for instance between banks and their national fiscal Administration are also of interest since it can induce spin-off business for and enhance the synergy with the Private Sector. B. Objectives The objective is to detect national IT needs in fiscal area far in advance on base of international regulations issued a few years before in order : * to anticipate the Requests For Quotation (RFQ) * to amortize the non recurring cost of the......

Words: 603 - Pages: 3

Premium Essay

Assess the Impact of Eu and National Regulations on the Prices of Natural Gas Across the Eu

...Assess the impact of EU and national regulations on the prices of natural gas across the EU”. Abstract: European natural gas market currently has a decline of indigenous resources that is, at the same time, combined with the growing dependence of gas supplies coming from a few foreign exporters. As a result of this, new EU regulations and polices are proposed. This paper will analyze the past gas reforms and will try to assess the impact of those regulations on prices for natural gas and also investigate the competition of the EU natural gas market. The empirical analysis will focus on reform indicators such as vertical integration and market structure of the natural gas market, in order to show how these indicators are related to prices. By Kirill Osaulenko Content 1.0 Introduction ……………………………………………………..3 2.0 Literature Review ……………………………………………….3 2.1 The Structure Of the Gas Market in Europe ………………...3 2.2 How competitive is the natural gas market in Europe ……....4 2.3 Liberalization process across Europe………………………..5 2.4 Existing Empirical Evidence in the Academic Literature …..7 2.5 Summary of the review……………………………………...9 3.0 Competition in the EU gas Market …………………………….10 3.1 Wholesale Market ………………………………………….11 3.2 Production Market …………………………………………12 3.3 Conclusion on the competition in EU………………………12 4.0 EU Gas......

Words: 9150 - Pages: 37

Premium Essay

Eu Expansion: Accession of Turkey and Its Potential Impact on the Atmosphere Within the Eu

...Academic writing Semester: Fall 2014 Academic Paper EU EXPANSION: Accession of Turkey and its potential impact on the atmosphere within the EU Rauf Asadullayev Instructor: Christopher Weilage Munich, Germany, 2014 Table of contents 1.Introduction………………………………………….…………………………3 2. The Association agreement…………………………………………….……..4 3. The Ankara Agreement………………….…………………………………...6 4. Customs Union………………………………………………………………..7 5. Turkish government and the accession of Cyprus in the EU………………8 5.1 Turkey’s short term economic effect on the EU…………………………..9 5.2 Turkey’s territorial advantages for the EU……………………………….10 5.3 Religion and culture in Turkey…………………………………………….11 5.4 Food in Turkey and its safety- Security and the EU……...………………12 6. Impact of EU’s democratic standards to Turkey…………………………..13 7. Conclusion…………………………………………………………………….16 Index of Abbreviations BTC- Baku Tbilisi Ceyhan EEC- European Economic Community EU-European Union EC- European Council EP- European Parliament FAO- Food and agriculture organization SEES-Southeastern European states Introduction Europe - the cradle of human civilization, boiling pot full of many various nationalities, cultures and languages. Geographical borders within and outside of the Europe have changed every time when a new Empires began to flourish. Even now, in the 21st century borders of EU are not defined clearly. Should the Borders be set......

Words: 6757 - Pages: 28

Premium Essay

Understanding the Impacts of the Eu Framework Program of Research and Technological Development

...Understanding the Impacts of the EU Framework Program of Research and Technological Development On the basis of Stratospheric Ozone Research "1 1) Evaluation of Framework Program Amsterdam Treaty obligated EU to implement some European research program and policies in order to not fall beyond the world’ powerful countries such as United States or Japan. Because of this obligation also involved a chapter on research and technological development, Framework Program of Research and Technological Development was established at early 80s. The main reasons of Framework Program focus on carrying European Union to the world standards in the basis of research and development and make EU to be able to compete with other countries on R&D areas, notably in energy and Information Technology. Even so Framework Program had been started as one of the supportive program of R&D, day by day it has become to be one of the most powerful and important component of EU policy. In connection with EU’s desire on becoming as one body, EU had to develop a way to be better at research and development areas than nation states. Nation states were already making investment on R&D therefore there was no need to depend on EU and this point of view was conflicting with EU’s. Therefore to avoid and block the diversification between member states and EU, EU has started to invest on Framework Program more and more by the time of progress and this made Framework Program sustainable and......

Words: 1705 - Pages: 7

Premium Essay

The Impact of Eu Cohesion Policy in Greece from 2000 to 2006:the Cases of Two Greek Municipalities.

...Description of the topic General View Cohesion policy in the European Union has the intended purpose of reducing differences between the member states in matters of economic, social and territorial importance and works to ensure that each region achieves its full potential. Moreover, Article 174 of the Lisbon Treaty states that the policy aims to promote ‘overall harmonious development’ of the EU through the ‘strengthening of its economic, social and territorial cohesion’. According to the European Commission, ignoring the disparities that are apparent across the EU would undermine the single market and single currency, justifying the large percentage of the budget that is spent on these policies . The Greek Case As we know Greek regions have benefited from the inflow of community funds since 1981,when Greece joined the European Union. At this point we believe that we have to present briefly the main funding that Greece has received from 1986 to 2006.Firstly, we have to mention the Mediterranean Integrated Programmes (MIPs) from 1986 to 1993,which <<pushed>> the available funds to small infrastructure projects in Greece. Moreover, we have also to state that the 1994-1999 Community Support Framework, gave the incentives to the country to implement the major infrastructure projects of national character. These infrastructures (railway network,ports,highways) helped Greece not only to connect with other countries but also to be prepared to enter in the......

Words: 3900 - Pages: 16

Premium Essay

Common Agricultural Policy and the Uk

...economic impact of EU membership on the UK This note examines the various channels through which membership of the EU affects the UK economy. A general sense of the EU’s economic impact can be gained by reading Section 1 alone. Subsequent sections deal with particular issues, such as the EU’s effect on UK trade relations, in more detail, and compare the UK’s situation with alternative arrangements. Contents 1 Introduction and summary 2 2 Cost-benefit analyses of EU membership 5 3 The effect of the EU on UK trade relations 6 4 Impact of immigration from the EU 16 5 The impact of EU regulation 20 6 Fiscal consequences of EU membership – the EU budget 23 7 The EU’s effect on consumer prices 28 8 Foreign direct investment (FDI) 30 Appendix table: a comparison of the EU with alternative trading arrangements 32 Boxes Would independence over trade policy lead to better results? 15 The EU budget – winners and losers 27 Trade barriers and economic efficiency 29 Related Library briefings Leaving the EU, Research Paper RP13/42 In brief: UK-EU economic relations, Standard Note SN6091 Norway’s relationship with the EU, Standard Note SN6522 Switzerland’s relationship with the EU, Standard Note SN6090 The UK and Europe: time for a new relationship?, Standard Note SN6393 1 Introduction and summary 1.1 Understanding the economic impact of EU membership EU......

Words: 14699 - Pages: 59

Premium Essay

Btec Business, Unit 38

...The impact of international factors on Easy Jet This report explains the impact of international fators on EasyJet Stacey Coffie The impact of international factors on Easy Jet This report explains the impact of international fators on EasyJet Stacey Coffie 2014 2014 Introduction: This assignment task describes the impact of international factors on Easy Jet. It will be focusing on the European factors and specifically the impact which the EU has. European factors have an effect on the UK economy as the UK is a member of the EU. The EU affects the way that the UK businesses perform. The EU began in the 1950’s and started off as European communities. France and Germany were the first countries to join however, 25 more countries joined the EU making it 27 members. The purpose of the EU is to allow people to move freely within the EU countries and also allow goods and services to move freely within the EU participating countries. This also means that the EU can import goods from non EU countries in bulk and they can distribute it without the member countries having to pay any extra costs. Having this has meant that it is cheaper to trade within the EU. European policies The European policies which impact Easy Jet are business growth and employment, education, economics and finance and environment. Business, Growth and Employment The business, business growth and employment is a consolation paper to investigate ways to invest and grow that are smarter and......

Words: 563 - Pages: 3

Premium Essay

European Union (Eu)

...The European Union (EU) is a union of twenty-seven independent states based on the European Communities and founded to enhance political, economic and social co-operation. Formerly known as European Community (EC) or European Economic Community (EEC). All information about EU: The business implication of the EU: Page 518/ Text book: IBL and its environment. The impact of EU on international trade The European Union has had a significant influence upon international trade, especially in respect of the countries that are member states in the Union. However, it has also had an impact on global trade generally. Internally, trading between the member states within the European Union has become less restrictive, because of the laws and regulations passed. Trade barriers between member states have been virtually eliminated and strict regulations have been applied to ensure fair competition for all. It is partially resulting from these moves that countries like those in the Baltic States are clamoring to join the EU. The EU also protects its member states from unfair competition tactics that other nations might use. The economic power of the Union is such that...

Words: 1468 - Pages: 6

Premium Essay

International Relations and the European Union

...Social Context: In the recent years the EU has increasingly been studied as a particular kind of international actor with a focus on the ways in which its international policies are made and pursued. Such scholarly endeavors reflect both empirical importance and analytical challenge regarding the EU’s status as a global actor. Empirically, the EU carries importance in global economy, international diplomacy, soft security, and broader world order. Analytically, it poses major challenge by virtue of its status as a something more than an intergovernmental organization but less than a fully-fledged European state. Therefore a tendency has prevailed that the EU’s external behavior can be understood through a combination of understanding the EU’s sui generis qualities, and a reliance on the tools of comparative politics. Consequently, the subject of international relations of the European Union’ is a neglected one. This volume/book widens the perspective from ‘the EU as a global actor’ to ‘international relations and the EU’. This focus does not rule out consideration of the EU’s credentials as an international/global actor, rather it connects this issue to the broader study of IR and of international policy-making. Thus ‘International Relations and the European Union’ is about both the place of Europe in the world and the way the world contributes to the shaping of Europe. At the same time, it is about the place, actual and appropriate, of the EU in the academic subjects......

Words: 2041 - Pages: 9

Premium Essay

The Eu and Its Member Countries: Differences and Relations with and Within a Supranational Body

...Table of contents 1. Introduction 2 2. The variety of economic and political systems in Europe 3 3. The institution European Union. 7 4. The impact of the EU on its member states. 11 5. Lobbying in the EU. 13 6. Conclusion 17 References 17 Appendices 17 1. Introduction On January 1st. 2007, the European Union (EU) has completed its last enlargement round till now by accepting Romania and Bulgaria as full members. The union now counts 27 member states, incorporating an enormous number of more than half a billion inhabitants. Obviously, each member largely effects and is affected by the European Union. The research interest of this paper is therefore to shed light on the construct European Union, by exploring the relationship between the European Union, its member states and constituents. The topic will be approached by first examining the varieties and interrelations of political and economic systems in major European countries. In a second step, the organizations and the governance of the European Union will be discussed, leading to the analysis of the EU impact on its member states. The third part is an analysis of the expression of interest in the EU. Finally, main arguments will be summarized to arrive at a conclusion. 2. The variety of economic and political systems in Europe The legitimation of a community like the European Union is inevitably linked to the......

Words: 5342 - Pages: 22

Premium Essay


...EU action against climate change Working with developing countries to tackle climate change Europe Direct is a service to help you find answers to your questions about the European Union New freephone number: (*) Certain mobile telephone operators do not allow access to 00 800 numbers or these calls may be billed. 00 800 6 7 8 9 10 11 A great deal of additional information on the European Union is available on the Internet. It can be accessed through the Europa server ( Cataloguing data can be found at the end of this publication. Luxembourg: Office for Official Publications of the European Communities, 2007 ISBN 978-92-79-06576-7 © European Communities, 2007 Reproduction is authorised provided the source is acknowledged. Printed in Belgium Printed on recycled paper that has been awarded the EU eco-label for graphic paper ( EU action against climate change Working with developing countries to tackle climate change Introduction EU cooperation with developing countries on climate change Supporting adaptation and capacity building Providing clean and secure energy supplies Stimulating clean development through EU emissions trading Promoting sustainable forestry Assisting developing countries through climate research 5 10 14 17 20 22 24  Introduction As the world’s largest donor of development assistance, the European Union is strongly committed to supporting developing countries...

Words: 7737 - Pages: 31

Free Essay


...Have you ever wondered how technology has changed the utilitarian relationship between human and fish? Well, it has had many effects on how we fish and the fishes in the sea as well. As technology has become more and more advanced that has made our fishing more efficient meaning that it has become easier for us to catch more fish. This has and will impact human lives in a very critical way. Along with other of Earth’s resources we have to learn and take care of our environment to keep it in a Holocene state for a very long time. Earth’s resource limited but shared resources have led to much competition among humans. The relationship between humans and fish has evolved over the years along with the new developed technological advancements in fishing. There are many examples around the globe that relationship with fish has changed because of technology. In 1992 the collapse of the Newfoundland Grand Banks Cod fishery in Canada was mainly caused by the technological advancements made in fishing. The Newfoundland Grand Banks was once renowned as the world’s most productive fishing grounds. The first European explorers described the waters as being so full, one just had to lower a basket into the water and it would come up filled with cod. Up to the 1950s the bounty of the Grand Banks was enough to supply local small-scale fishing, as well as feed millions of harp seals. But this happy picture was not to last. The Grand Banks fishery was destroyed by technological advances in......

Words: 900 - Pages: 4

Premium Essay

Class Notes of European Union Structure

...50 countries, 650 organizations, 4000 experts * Provides information and advice to local business on EU policies * Gives feedback to the EU institutions * Finds commercial and technological partners throughout the European Union * Provides support in innovation and internationalization Examples of questions: * What are the expected changes of the rules for my products in the next months? * How can I get my VAT back in another country? * What is the EU law for waste management? * How can I manage to enter the Polish Market? * … Monitoring the EU policies: why? * 80% of economic and social relevant policies come from the EU and are coordinated between member states. * 17 of them are sharing the same currency * EU decision making is important at all levels, from the EU to the regions and cities (more than 366 bns of euros will be invested in the Eu economy uo to 2020) * 70% of the EU policies have a direct impact on the regional development * 80% of our regional exportations go to the EU * 96% of our regional exportations enterprises do it in the EU Community rules are fully applicable in the member states to all legal entities Primacy: incase of conflict, the community rule shall prevail Direct effect: a company or an individual can involve the community law and request the court to base its decision on EU law Pre-emption: In .. The four freedoms regarding national treatment (non discrimination) Goods,......

Words: 673 - Pages: 3

Premium Essay

Business Environment

...Identify the Effect of Business Environment on a Business Organization Contents Introduction: 4 Aim of the assignment: 4 Walker - Company profile: 4 Market structure: 4 Perfect competition 5 Oligopoly 5 Monopoly 6 Monopolistic competition 6 How market structure determine the pricing & output decision: 6 Market force : 6 Relationship between Market force & Organizational response 6 Impact of organization performances by various Types of market force 6 Cost pressure 7 Information demand 7 Customer responsiveness 7 How the business and cultural environments shape the behavior of a selected organization: 8 Business environment 8 Cultural environment 8 Objective of business and cultural environment 8 International Trade: 9 Production cost 9 Material 10 Extend market 10 Global Factor: 10 Political factor 11 Economical factor 11 Social factor 11 Technological factor 12 European Union: 12 Rules & regulation 13 Tax & tariff 13 Support 13 Establishing the rules of trade 14 Taxation policy 14 Employment policy 14 Inflation policy 14 References: 15 Introduction: There are many crisps company in the world, from them WALKER is one of best & largest crisps company in the world. It’s a UK based company who operate their business most of the country of the world. WALKER gets recognition through manufacturing crisps. WALKER contributed 47% of British crisps market. They are producing about 11...

Words: 3285 - Pages: 14

Premium Essay

The Case for a Possible Brexit and Its Impact on the Uk Economy

...and its impact on the UK economy is one that has been widely discussed over the years, given the significant economic effects it imposes on both parties involved. The UK taking up its membership into the EU in 1973 following its establishment in 1967 enabled vast benefits of free trade to be shared amongst members of this trading bloc. However, over a quarterly time series from 1999 to 2014 the UK has been noted to have run a relatively large balance of trade deficit in terms of its trade in goods with the EU (see figure 2), and as such lays emphasis on the UK’s lack of competitiveness, specifically in its manufacturing industry. The importance of the EU has increasingly become more significant in terms of the UK’s total economic activity, generated through trade transactions. Figure 1: ONS As seen in figure 1, there has been a downward trend in the transaction with the EU expressed as a percentage of UK GDP, falling by 231.25% from Q1 of 1991 to Q4 of 2014. In relations to the total trade in goods with the EU, there has generally been a deficit, which increased by 874.9% from 1999 to 2014. From figure 2 it can be observed that the largest deficit of -£21500m occurred in Q4 of 2014 and the lowest in Q4 of 1999. Figure 2: ONS The persistent balance of trade deficit seemed to be a result of imports from the EU to the UK exceeding exports. This could be the case as the percentage increase in exports from transactions made by the UK to the EU......

Words: 1599 - Pages: 7