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The Economic Impact Of Integration Into The European Union

548 words - 3 pages

The Europian Union is a political organization, the aim of which is to unite Europe industries, to make them more efficient and to promote peace and co-operation. Membership of the EU is one of the main objectives in Lithuania's foreign and general policy. Joining the EU is a really important historical step which will make a great impact on areas such as environment, health, social security and many other spheres of live. Economic development of Lithuania will experience the most significant impact by way of financial support, development of small and medium business, joining the Common Market and introduction of Euro.To begin with, the EU provides Lithuania with assistance, the Phare programme being the largest component. For the years 2000-2002 total financial assistance to ...view middle of the document...

Enterprises of small and medium business strengthen regional economy, help to reorganize its structure, stimulate the development of producing capacity, and promote the creation of new working places. In addition, businessmen will be protected by the EU law and other EU member states will invest money into Lithuanian enterprises.Equally important is the fact that integration into the EU will brisk trade with other countries of the EU because the number of obstacles in the Common Market will decrease. It means the abolition of barriers to exchanges between the EU and Lithuania, such as customs duties, quotas and different product standards. Businessmen will get a possibility to sell their goods and services not only to three million citizens but to all European countries. Besides, this will increase competition which improves business activities and stimulates the developing of new technologies and practices in business.Finally, Lithuania alongside with other countries will introduce common currency - Euro. Different currency is one more obstacle to the development of Common Market and trade. Common currency will give a possibility to save time and money as prices in the countries of the EU zone will become equal. This will activate trade, free movement of goods, services and capital and thus improves economy.To summarise, integration into the European Union will have a great impact on the country as a whole and on its economy in particular. It will guarantee financial support from the EU budget, stimulate the development of small and medium business, and facilitate trade in the framework of the Common Market. All in all, Lithuanian economy will benefit from the membership of the European Union.

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