Genesis and Overall Development Potential of the European Union

Abstract

EU integration has long been a critical issue, not only in economics and development but also in broader contexts, including security and defense - areas that have sparked ongoing controversy with no clear resolution in sight. However, these fall outside the scope of this book. This introductory chapter traces the evolution of the EU, explaining how its institutions and development potential are linked to entrepreneurial and demographic progress in EU candidate countries. In the short term, the integration process offers benefits such as transferring knowledge and methods, access to EU programs, technical and financial assistance, and opportunities to reduce disparities between candidates and member states. In the long term, the positive effects of reforms are tied to the adoption of EU regulations, participation in a vast common market, economic modernization and SME development, increased foreign direct investment, job creation, and enhanced consumer protection. Additionally, this chapter examines the EU's economic potential.