The European Union is very much in the news today, especially with the Research Paper

The European Union is very much in the news today, especially with the potential of the Euro to collapse. But as you now know fr - Research Paper Example Similarly, the European Union economic growth provides countries with a crucial framework for competing efficiently on the world market and containing the effects of the EU economic crisis. This discussion seeks to establish the role of economic growth in the overall European projects. Discussion The original objective of the European project was to enhance the overall economic productivity of the European countries as fragile, minority nations had changed to be increasingly competitive. Similarly, the launching of the common currency (euro) was a fundamental move in the unification of European nations, (Cline and Guntram 52). Similarly, it has been a key achievement in that about 330 million European Union populations utilize it as their currency and benefit from its advantages. Unfortunately, with the current potential of Euro collapse the economic and financial stability of the European Union is at stake. Experts agree that the European project was not created on the notion of res tricted economic growth. The guiding principle was to, at the end, gain unity by integrating various facets of EU life together to combat conflict and ensure socioeconomic growth. Unfortunately, with the current condition, it is impossible to assume how appears to dwarf all other EU concerns. Therefore, it is clear that economic growth has an influential function to play in the prosperity and success of the overall European project. The European-broad free economic struggle should be offset by the wider unification of Europe. The economic growth has crucial tangible advantages for citizens of Europe, for instance, when European countries fall victim of global challenges such as, floods and related natural calamities, they get financial help from the European Union economic budget. Similarly, the structural Funds, controlled by the EU commission, motivate and supplement the European Union regional and national powers efforts to reduce economic disparities between diverse regions of E urope. Financial resources (funds) European Union budget and loans from banks (European Investment Banks) are utilized to expand the transport infrastructure in Europe (for instance, to expand the motorways networks and promote high-speed railways), therefore, facilitating an extensive access to remote areas and promoting trans-Europe transactions. The economic success of the European Union will be determined, partly, by the capacity of a crucial market of about less than one billion customers to advantage various businesses and citizens. Economic stability of EU project is crucial because it promotes economic development that results to prosperity and creation of job opportunities, and is a profound goal enshrined in the economic and monetary management of the European Union, as well as the Euro. For instance, under that Monetary and Economic union, the European countries closely organize their domestic policies with the main aim of sustaining economic growth. Similarly, the EU cen tral bank coordinated a unique monetary policy aimed at contained reduced inflations in the euro zone, (Woolcock 75). Low inflation and a firm economy help in creating a crucial atmosphere for sustainable future growth that is beneficial to the members of European unions and their populations. Strong economic basis helps the monetary and economic unions of the European Union to maintain their administration, and insufficiencies under certain limits based on the Stability