A Glance at the European Economic and Monetary Integration Process within Historical Perspective in the Light of Economic Indicators

Abstract

Once dreamt of by few European Leaders, European union with its economic and monetary Structure is in the forefront of the World’s economic scene today. European Union is marching conscious steps towards becoming a super power. In the final stage of integration European economic and monetary integration has already proved to be successful among member countries Strong monetary policy, economic structure and policies towards a better Europe under European Union umbrella is promising for European Countries. In the world of globalization, to understand European Union’s today and future, it is a necessity to see the phases passed in historical process. Therefore a historical perspective has been put forward in the study. The study consists of a brief description on the European Union’s integration process starting from the ideals of authors, diplomats and philosophers of the middle ages. Then European economic and monetary integration as well as its phases are also given shortly. Following the historical perspective, economic performance of the European Union and Euro area after monetary integration has been evaluated by using several economic indicators. Data have been evaluated according to the number of member countries’ entrance date to European Economic Community and the European Union.