Problems Involved In Developing An Integrated Economic Such As The European Union

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we look at these levels presented here above, NAFTA is still on the first level and is not likely to advance any time sooner. Indeed, there is no political will in this sense and the free trade agreement seems to have been beneficial to all parties involved. On the other hand, the European Union is on its way towards the political union. The institutional structures are already in place and there is a strong political will to carry on the integration. The economic and monetary union seems to be working quite well, after the euro was stabilized at the end of the 90s and after it began to gain momentum on the international financial markets.

As such, we may conclude, for the beginning, that, if Europe is indeed an integrated economy or at least very close to becoming one, North America is only an integrated trade area and only an integrated area of trading goods. Even this is not perfect. According to the NAFTA agreement, signed in 1994, Mexico was not forced to reduce ...

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