European business practice Essay Example | Topics and Well Written Essays - 3000 words

European business practice - Essay Example Moreover, its enlargement throughout the European region has facilitated the region’s growth. In this article, functions of the EU will be analyzed so as to comprehend the implications of EU operations to its member states. The European Union is currently the world’s largest market. This political-economic union currently boasts of 28 member states, majority of which are European States. Since its establishment after the aftermath of World War II, the union has been successful in its expansion and success in the political and economic scene (Gilbert 2012).The EU is driven to achieve its five main objectives for the overall benefit of its member state. First, the EU strives to establish freedom, security and justice without internal frontiers among member states, secondly, the EU is determined to promote an internal market where competition is free and undistorted. Third, the Union strives to promote innovative technologies among member states and lastly, the union strives to promote economic, social and territorial cohesion and solidarity among member states (Europa 2014). Since its genesis, the union has significantly achieved its purpose of market integration and cohesion 28 among member state s. The genesis of EU dates back from 1945 to 1993. However, its integration had been proposed as early as the 14th century (Artis & Nikson 2007). The Second World War had led to detrimental effects in the economy of European states. Consequentially, 20 million lives were lost during the war in Europe alone. Moreover, the region had incurred numerous capital losses. Inevitably, the political and military reconstruction of World War II facilitated the need for an economic integration (Artis & Nikson 2007). The cold war of 1950 also worsened the economic situation of the region. The dream of an integrated EU was strongly influenced by the historical experiences of its founding fathers (Artis & Nikson 2007). The pioneers