EUROPEAN UNION AND THE NECESSITY OF ECONOMIC UNIONS

INTRODUCTION: This research project has the intent of answering the question: Is it necessary for a State to be part of an economic union? Making use of the bibliographic research with a deductive approach was essential for the collection of information, with the analysis of official documents, scientific articles, and academic reports on, specially, International Economic Law. It was understood that economic unions are crucial for financial development, political cooperation, and regional stability in a global context, going as far as being tools of peace. The European Union is viewed as the most advanced example of an economic union because it integrates monetary policies while also operating under supranational institutions. In light of recent political and financial challenges in Europe, analyzing the benefits, limitations, and structure of such blocs helps guide public policies and States’ aims. Conclusively, studying the EU can serve as a point of reference for emerging blocs, helping improve their integration mechanisms and promoting stronger international bonds, serving both as a model and as a warning for other trading blocs. This is because economic unions represent development and integration of States, and, implicitly, hope for peace. AIMS: 2.1 GENERAL OBJECTIVE This project has the goal of disclosing about the necessity of States to be part of an economic union, utilizing the European Union (EU) as a primary illustration and point of reference. 2.2 SPECIFIC OBJECTIVES There are four specific objectives with this research: I. To distinguish what are the characteristics that separate economic unions from other trade blocs; II. to be able to discern the main motives for States to participate in economic unions; III. to comprehend what distinguish the EU from other economic unions; IV. and to study how the EU can benefit the countries that integrate it. MATERIALS AND METHODS: Based on the selected bibliography, academic summaries were produced in order to separate the most important information collected. After a meticulous analysis, all information collected was selected, reflected upon, and added to the two written reports. RESULTS: The free circulation as being one of the great achievements of the union, there is a considerable quantity of States leaving the Schengen Area. Another argument being made to sustain the impalpable notion of democratic crisis is the rise of far right parties in the member-states governments, as mentioned before. The rise of far right ideologies, like any other extremist political banners, is a risk to democracy as it is seen in its idealization. Which could lead to obscure scenarios just like those before the creation of the EU. FINAL CONSIDERATIONS: That deeper analysis, this research leads to the conclusion that economic unions are not only necessary, but also essential for States. Participating in one, especially in the case of the EU and even with the current international scenario, can lead to great economic prosperity and better relations with other States and entities. They can also represent reassurance for countries after long times of conflict.

KEYWORDS: International; Economic; Law; European Union; Integration.