The European Union (EU) is a remarkable association wherein part states have pooled sway in certain strategy regions and fit laws on a wide scope of monetary and policy-centered issues. The weaknesses of the European Union are large government deficits and rising debt. These include small economic growth, inefficient service sector, which is being intensively privatized. There is an uneven spread of wealth between the rich North and the poor South, where unemployment is three times higher (Chaisse, 2019). Overall, three significant challenges hinder the EU development: strong division among countries, unequal distribution of wealth, and a high rate of terrorism.
The part states’ geographic size, populace, and monetary assets are inconceivably unique, and their societies and public accounts have become less comparative as the EU has developed. Its individuals are free country states with their legislatures and their own chaotic interior political plans. If the governments of the EU countries do not take measures to reform the existing economic system deeply, this could result in much more significant financial difficulties. As a result of the crisis in the world economy, the European Union has emerged problems that are inevitable for the unification of economies with different levels of development.
Despite all the ideological incantations about the eternity of the European Union, dissatisfaction with the Brussels bureaucracy is growing in different countries, and conversations about “who feeds whom”. All this leads to an increase in nationalism and an increase in the popularity of the so-called “Eurosceptics” (Solana & ESADE Center for Global Economy and Geopolitics, n.d.). A Greek exit from the eurozone would result in a risky trend, patriot feelings of disdain could develop, pioneers with more dictator tendencies could come to control (Solana & ESADE Center for Global Economy and Geopolitics, n.d.). As anyone might expect, the extension has made the EU more awkward, more partitioned, and less famous.
Monetary aberrations inside the EU have additionally created strains and added to strategy divisions among part states. Some EU governments forced disagreeable somberness measures with an end goal to get control over spending deficiencies and public obligation. Greece, Ireland, Portugal, and Cyprus needed European and worldwide monetary help (Chaisse, 2019). The worldwide downturn and the eurozone obligation emergency altogether influenced European economies, diminishing development and expanding lack of workplaces in numerous EU nations, and representing a danger to the European financial framework.
Similarly, the debt problems of Italy entered the market unexpectedly for most of its participants. Experts assumed that, despite the difficult economic situation in Italy, the scale and structure of the economy of this country protect it from the development of events according to the Greek scenario (Chaisse, 2019). However, many analysts and financial institutions began to doubt this (Chaisse, 2019). For example, some of the largest banks in Europe are already taking urgent measures to protect their capitals in the event of an aggravation of debt problems and the exit of one or more countries from the eurozone (Chaisse, 2019). The monetary fund has already called on the Italian authorities to take immediate action to cut budget spending to reduce the volume of public debt.
In spite of certain indications of recovery, numerous EU nations keep on battling with slow development, high unemployment, and disappointed publics. The uplifted illegal intimidation danger additionally presents dangers to the Schengen space of free development. The force of common contentions is exacerbated by another profoundly undermining component with grievous outcomes: fundamentalist psychological warfare, with the primary concern today being the fear-based oppressor bunch. A surge of evacuees tries to get in. At the same time, the rise of al Qaeda, the Islamic State, and other radical developments have had troubling repercussions among a portion of Europe’s Muslim populaces (Solana & ESADE Center for Global Economy and Geopolitics). The risk of local or psychological oppression is genuine. A few Europeans presently need to move back the open inner lines. Notwithstanding psychological warfare, the repercussions of the Libyan clash for transitory tension and the likelihood that it might spread to the remainder of this all-around poor area present genuine dangers to Europe (Chaisse, 2019). The uptick in militant psychological action has supported long-standing tensions about the mix of Muslims in Europe and the potential for radicalization among certain fragments of Europe’s Muslim populaces
In conclusion, at the present stage of development, the European Union is faced with a large number of problems. The problem of disparity among nations, economic crisis, and security issues are the major threats to the union. If the EU is able to resolve them, this will lead to an even deeper integration of the EU into the world economy; otherwise, it will lead to the collapse of the “eurozone” or the withdrawal of countries with unstable economies from it. The monetary emergencies overlaid on the need for another common agreement expected to re-legitimize the European Union among its residents ought to be overseen in a recalibration of the overall global influence. Issues and occasions, similar to the struggles in the neighborhood of the local area, the effect of movement or rethinking relations with customary accomplices or exchanges with arising powers under the revival of patriotism are proposing a more differentiated strategy for the European Union.
Chaisse, J. (2019). The European Union: Achievements, ongoing challenges and future prospects. Sixty Years of European Integration and Global Power Shifts.
Solana, J., & ESADE Center for Global Economy and Geopolitics. (n.d.). European foreign policy and its challenges in the current context. OpenMind. Web.