EUROPEAN UNION

• Founded in 1958, it is one of the strongest economic areas of the world.
• Made up of 28 countries.
• Unified under one currency, the Euro.
• The goal of the European Union is to promote European harmony through creation of a single market.

BENEFITS OF EUROPEAN UNION

• Over ten years (1993-2003), this Single Market had boosted the EU's GDP by 877 billion euros ($985 billion)
• Had brought down trade barriers which relieved taxes and other difficulties on trade
• According to the EU "Delivered half a century of peace, stability and prosperity, helped raise living standards, and launched a single European currency, the euro" (EU).
• Also, it "Continues to develop towards its full potential" (EU).

RECENT STRUGGLE IN THE EU

• The EU is funded by all 28 members.
• The money taken from each member is directly proportional to the wealth of the country
• Some members such as the UK and Greece don't believe they are benefitting as much as the others.
• These countries are very close to withdrawal, especially Greece who is currently refusing to pay back huge debts to the IMF (International monetary Fund).

If the EU is so beneficial to its members, why does the United Kingdom want out?

What could happen if the UK withdrew from the EU?

WHY UNAPPEALING TO UK

• The EU, maybe not intentionally, still encourages the transformation into a single culture. "European harmony"
• The UK however, has a deep rooted history and pride in their country (Oktar).
• An example would be the usage of the pound over the euro, and also possibly because of its geographical location.
• Even if the UK did leave, they would still have quality trade partners

WHY THE EU NEEDS THE UK

• The UK provides a net total of 9.27 billion euros to the EU, about 11 percent of all contributions (Euromove).
• The UK is its fourth most contributing member behind Germany, France, and Italy.
• If the UK did leave, they would be losing 11 percent of their budget.
• Another problem is that it could start the domino effect.

WHAT DOES THAT MEAN FOR THE EU?

• UK withdrawal would mean a decent hit would occur on their economy.
• UK regarded as having the fastest growing 'major' economy.
• The EU is desperately trying to hold onto the UK, as they know an exit could be disastrous

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