10. The Evolution of the European Union as a Trade Bloc

The European Union is an enormous power in world trade. The huge size of its market, its experience in negotiating international trade agreements, the creation of the Single Market and the creation of the single currency-Euro have turned the European Union into one of the most important trade blocs in the world. This section examines the historical development and evolution of the European Union as a trade bloc. Firstly, the concept of a trade bloc and regional economic integration are examined. In this study, the establishment of the Single Market and European Monetary Union has been evaluated. Finally the impacts of the Euro on the Single Market, the current and future strategies for the Single Market have been discussed.