Enlargement policy is one of the pillars of the European Union, expanding the influence of supranationalism to unite Europe under one banner. The Eurozone is part of the integration of European countries as members of the European Union. However, some countries have not adopted the Eurozone, which could be a problem for the future of the European Union.
Looking back at European integration
The Copenhagen Conference, or what are known as the “Copenhagen Criteria”, are the cornerstone of the European Union's (EU) enlargement policy. It is a set of rules that define whether a European country can join the EU. The rules include stable political institutions and human rights guarantees, economic stability that allows integration into the EU, and recognition of the Community acquis. Might be Although it is not immediately binding for EU member states, teeth It's mandatory for most countries! did it This poses an absolute problem for the future of the European Union and its supranational identity, because it could create new competition. internal Competition between member states.
The Maastricht Treaty is the very pillar of the Eurozone. After 10 years of preparation, the Euro was launched in 1999 as the official currency of the European Union. For the first three years, the Euro was considered an “invisible” currency, as it was only used for electronic transactions and accounting purposes. It was only in 2002 that the currency had a physical appearance in the form of banknotes and coins, and to date, 20 out of 27 countries have adopted the Euro as their primary currency.
Seven countries in the European Union have not adopted the euro as their national currency: Bulgaria, Czech Republic, Hungary, Poland, Romania, Denmark and Sweden. These eight countries have shown some interest in adopting the euro, but are keen to adopt it as their primary currency. But, of course, each of these countries has its own problems. For example, in Poland, Czech Republic and Sweden, the public is very skeptical about adopting the euro and still prefers to use their local currency for economic transactions. Hungary is still concerned about losing its economic sovereignty and prefers its own monetary policy. Denmark openly chose to join the eurozone in 1992, and Romania still needs structural reforms in its economy, including financial stability, interest rates and inflation.
assignment
this is negotiation This is a key issue for future member states who want to join the European Union and maintain their economic sovereignty. More so, many potential problems will appear later. If future European Union member states still want to prioritize their national currencies over the Euro, fragmentation may occur in the European Union economy. The presence of multiple currencies in a supranational union may complicate the coordination of the European Union itself. Managing a supranational union with multiple currencies may further complicate the constitutional framework of the European Union itself. It may put a strain on the administrative department, as it will require more coordination and a different set of rules between countries that have adopted the Euro and those that have not. Not only that, but differences in economic policies and the performance of the European Union may cause doubts about support for the European Union itself, as the general public and the public may perceive the European Union differently.
Key Takeaway: Sovereignty
Some member states will not always adopt the euro as the currency of the European Union due to sovereignty reasons, such as government decisions or referendums held within their countries. This will have an impact on future potential member states. These countries may reconsider adopting the euro, as sacrificing some of their sovereignty may affect their own policies and fundamental principles as a whole, instead of being integrated into more significant structures and policies. Supranationalism in the European Union is a pillar for the proper functioning of the European Union, including the eurozone. Potential member states may need to reform their structural economic policies to adopt the euro. It takes a long time to continuously align their countries with EU standards and Maastricht criteria. Considering the examples of Bulgaria and Croatia still having challenges joining the eurozone in terms of meeting the Maastricht criteria, potential member states may need to evaluate their own country's ability to adopt the euro. Potential new member states may be able to take advantage of this “loophole” in the eurozone. Eight potential European Union member states are Albania, Bosnia and Herzegovina, Georgia, Moldova, Montenegro, North Macedonia, Serbia and Ukraine, although Montenegro has already unilaterally adopted the euro. These countries would likely retain their economic sovereignty. Retaining their currency would give governments control over monetary policy, which could be crucial in responding to a national financial crisis.
The future of European expansion
As Charles Michel stated, a possible enlargement of the European Union is imminent by 2030. The EU needs to start a radical restructuring of its institutions and economic reforms. This needs to be done as soon as possible in order to convince potential members to cede their monetary sovereignty to the EU by joining a Eurozone that is more “tolerant” and benefits current and new members. A first solution would be to stabilize the absorptive capacity of the European Union by increasing EU budgetary support for potential member states and by increasing pre-accession assistance (IPA) that could strengthen potential members in various aspects to align with EU standards. In the long term, reform the European Union Multiannual Financial Framework (MFF) with an increased budget to support another enlargement phase after the current MFF ends in 2027.
In conclusion, the European Union will embark on a decisive path to continue its next enlargement phase in this century and the next decade. Setting the direction for this supranational organization will require a concerted effort as many complex issues will need to be addressed and resolved through cooperation, reforms and financial support. This will be crucial in determining what shape European integration will take given the diversity of national interests and economic priorities of current and potential member states.
