Who Benefits And Who Loses When A Common Market For Labour Is Extended To More Countries

1948 words - 8 pages

Who benefits and who loses when a common market for labour is extended
to more countries?

Explain your answer with reference to economic theory and to EU
experience. Comment also on the future implications of the 2004

Many people talk about the 'common market', by which they meant the
European Economic Community in its early decades. Ths is a group of
geographically close European nations among which there is free trade
and a common external tariff with free movement of capital, labour and
enterprise as well as goods. Under the Treaty of Rome (1957) the
member states agreed not only to form a customs union but also to form
a common market. It had envisaged that there would be a fully free
common market in the EEC within 12 years, but intra EEC economic
activity evolved in a highly imperfect way with significant trade
barriers remaining in many sectors. Policy makers were fustrated for
it was often difficult to put European market policy high on the
agenda, and it was not untill the mid 1980s that the issue of the
creation of the Single European Market became the central concern.

On 1st May 2004, the European Union was enlarged to twenty-five member
countries. The ten additions include Cyprus, Czech Republic, Estonia,
Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. The
2004 enlargement will extend the common market for labour due to an
increase in countries. This will have a large impact on most of the
member countries, whether a beneficial impact or negative impact is
what I will discuss in this essay.

A larger common market will obviously increase the current advantages
already experienced within the EU. Economic theory suggests the
'comparative advantage principle' which means that one region or
country specialises in the production of a certain good or service and
trades with other regions which are speciaising where they have an
advantage. This only works however if, among other things, there is
freedom of trade between the countries concerned. There will be an
increase in competition and therefore increased efficiency. In the
planing for thr Single European Market, The assumption was that a more
competitive European internal economy would develop. Oligopolistic
national industries would be replaced by intgrated EU wide competitive
industries. With greater competition there will be greater price
convergence so premium prices within the EU would be driven down by
competition. Remaining trade barriers to free trade meant there was
still variations in price with in practise the effet of the common
market on price convergence was somewhat lmited and therefore when EMU
was being advocated in the late 1990s, its supporters were arguing
that one of the many advantages of the single currency would be that
it would at long last...

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