Intergovernmental organizations (IGOs) are defined by Kegley (2009) as institutions created and joined by states’ governments, which give them authority to make collective decisions to manage particular problems on the global agenda (p. 163). The purpose of IGOs is to solve shared problems on the basis of involving states’ interests. In other words, states utilize community of interest to balance the international situation between neighborhoods. According to Kegley (2009), a global trend in world politics is the spectacular growth of IGOs. The European Union, as an example of IGOs, is the globe’s best success story among the other regional IGOs playing global roles (Kegley, 2009).
It created by the merger of the European Coal and Steel Community, the European Atomic Energy Community, and the European Economic Community (called the European Community until 1993) that has since expanded geographically and in its authority (Kegley, 2009). In 2007, Buigaria and Romania were authorized as the 26th and the 27th sovereign Member States composing the European Union. This was a common impression even before the mentioned legal changes, particularly regarding the issue of integration and pursuit of “an ever closer union among the peoples of Europe” as set out in the preamble of the founding Treaty of Rome (Napel and Widgren, 2006). The political integration and the financial integration between European countries contribute to the success of development of the European Union and those integrations overcome the conflicts between the European countries as well as benefit those countries with the help of the European Union.
The origin of the EU should trace back to the creation of the European Coal and Steel Community in 1951 and the European Atomic Energy Community in 1957 and the European Economic Community in 1957 (Kegley, 2009). The initial purpose of those European institutions centered on the development of trade. In addition, the primal six group members, Belgium, France, Germany, Italy, Luxembourg and Netherlands, were striving for their financial development.
According to Guiso and his partners (2004), the financial integration should increase the supply of finance in the less financially developed countries of the integrating area. So those six countries involving in same financial integration share the same interests and also stimulate each other to enlarge their markets, at the beginning of three organizations. They assisted each other aiming to manage their financial problems, especially material sharing by the European Coal and Steel Community. In addition, financial integration is likely to spur the efficiency of the financial intermediaries and markets of less financially developed countries (Guiso, 2004).
Actually, since the late 1960s, the three original EU institutions have shared a common organization and have enlarged the EU’s mission as they came to be called “the European Community.” (Kegley, 2009) Based on this large community,...