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of unfair trade that is not fair to a few developing countries.

European social policy and Regional policy

Social policy:

Europe which has been undergoing an massive technological change, globalization and also an ageing population need few transformations. European Union has been making policies aiming to keep pace with these trends, and help the people adapt to changing circumstances. The renewed social agenda is aimed at creating more opportunities for EU citizens and providing access to quality services.

Regional policy

A Regional policy is any policy made with an aim of improving the economy of the region. A large part of the economies of the countries in the region is devoted to such policies. For example, nearly 33% of the budget of the European Union is put in to improve the economic, social lives of the people across the region. Such regional policies like the above mentioned one is focused towards making the region more competitive, fostering economic growth and creating new jobs.

European economic and monetary unit (EMU)

Advantages:

The rate at which United Kingdom’s economy has been synchronizing with that of the rest of the European Union.

Because of the presence of a single market the trade which the UK does with the rest of Europe has been increasing.

Higher Interest rates which existed in the UK are decreasing and coming down to be on par to rates that prevail among the other countries of the EU.

Stringent monetary policies being put up by the government on other nations of the European Union’s has resulted in the nations living within increased peace and harmony.

As the pound rates have stabilized with that of euro, it is not possible that the economy of the United Kingdom will fall out of step again as closer ties among nations will prevail.

The problems over the past three decades for our economy have been due to inefficient policies of the government and more unstable pound. These would stop if we are a part of the EU making the economy stronger.

Other factors like the prices of commodities like oil which are imported will impact on all the European nations and not only the United Kingdom.

Disadvantages:

In the recent past there have been several occasions when there is a bull run in the UK economy and a simultaneous dull run in the EU economy and vice versa.

The economy of the United Kingdom is dependent on varying industries compared to the Europe.

United Kingdom has a very strong trade partner with various countries outside Europe, like the United States which is not the case with the rest of EU.

United Kingdom invests heavily in the US, almost double than that of the Europe combined.

Hence the economy has inched closer to the economy of the United States instead of the economy of the European Union.
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