The Role played by European Union in regional policy making - European Union Essay Example
The famous union of the European Union comprises of twenty five independent states and was founded to enhance Economic, Political and Social Cooperation - The Role played by European Union in regional policy making introduction. “The European union was formerly known as European Community (EC) or European Economic Community (EEC). ”(European Union-2006) The Role played by European Union in regional policy making European Union in spite of belonging to one of the richest parts of the world experience striking internal disparities of opportunity and income between its regions.
With the entry of 10 new member countries in the year 2004, whose incomes were lower than the EU average, has broadened these gaps. Regional policy maintains a balance by transferring resources from affluent to inferior nations. “It is both an instrument of financial solidarity and a powerful force for Economic Integration. ”(European union-2006) The energetic effects of the EU membership coupled with a targeted and vigorous policy can bear fruits. The economic gap between the poorest and the richest has widened over the years.
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The case of Ireland is of particular interest for Its GDP, which was 64% of the EU average in the year 1973 is one of the highest in the union. One of the priorities of the European Union is to bring latest member states close to the EU average as soon as possible. In order to reduce the regional disparities, the EU has established four structural funds which are the European Regional Development Fund, the European Social Fund, the section of the EU’s common agricultural fund devoted to rural development and the financial support for fishing communities as part of the common fisheries policy (CFP)
Role played by globalization in regional policy making “In most basic terms, the globalization of the world economy is the integration of economies throughout the world through trade, financial flows, the exchange of technology and information, and the movement of people. ”( The Challenges of Globalization for Africa-1997). It is apparent that the trend toward more integrated world markets has opened a widespread potential for greater growth, and has allowed an unparalleled opportunity for developing countries to lift up their living standards.
At the same time, however, the under developed countries have focused attention on the downside risks of this trend, and alarm have arisen about the risks of marginalization of nations. All of this has given rise to a sense of doubt, mainly among developing countries. It is up to the countries to take advantage of this trend and countries will have to position themselves properly through the right policies in order to enter a market. Clearly, those economies that open themselves to capital and trade flows on a free basis and are able to magnetize international capital will profit the most from globalization.
As globalization lifts the rewards of good policy, it also accentuates the expenses of poor policy. Reliability of economic policy, once lost, has become more difficult to recover. What is now important is the perception of markets that economic policy implementation and formulation is consistent and predictable. This emphasizes the importance of well-informed and flexible policy-making, of solid, well-governed institutions, and of clearness in governance. Countries comprising of a poor or inconsistent policy record will inexorably find themselves passed by, both from expanding trade and from private capital flows for expansion. These are the countries that run the danger of marginalization.
European Union, 2006, Retrieved 1st September 2006 <http://en. wikipedia. org/wiki/European_Union> European Union, 2005, Retrieved 3rd September 2006 <http://userpage. chemie. fu-berlin. de/adressen/eu. html> Regional policy, 2006, Retrieved 3rd September 2006 <http://europa. eu/pol/reg/overview_en. htm> Ouattara, A, The Challenges of Globalization for Africa, 1997, Retrived 4th September 2006 < http://www. imf. org/external/np/speeches/1997/052197. htm>