Free Market Commitments of the European Union on a Pragmatic Practice Research Paper

Free Market Commitments of the European Union on a Pragmatic Practice Basis - Research Paper Example The European governments had to remove all forms of tariffs and measures equivalent to quotas. Restrictions on the freedom to supply services are lifted. However, the Non-Tariff Barriers (NTBs)still since the Rome Treaty provided the Community institutions with powers to control the NTBs. The SEM had a common currency. The euro, which was introduced in 2002, is the single European currency which had replaced the national currencies of the 27 member countries of the European Union (euroland) that began on 1 January 1999. The exchange rates of the euroland countries were fixed to the euro. While marking a milestone in the European Union's economic integration process, the launch of the euro has significance beyond Europe. Some economists and financial experts believe the euro could become a major international currency that can pose a threat to the US dollar. The European Competition Policy applies rules to make sure that companies compete with each other and, in order to sell their pr oducts, innovate and offer good prices to European consumers. The economic core of the EEC called for the free movement of goods, capital, services, and people among its original members. For instance, Article 81 of the Maastricht Treaty, which helped establish the EU, refers explicitly to the prohibition of practices which "limit or control production, markets, technical development, or investment." To implement the EU’s competition policy, there are designated competition commissioners. All 27 national competition authorities in the EU are able to apply EU rules at their local level in consultation with the Competition Commission.