European Union (EU), formed in 1957, is an economic and political union of 27 member states. Nowadays it is one of the largest integrated groups in the world with a combined population of over 500 million inhabitants and 20 % of global GDP. All of 27 member states are participating in EU economic integration – in a process which is marked by the reduction of trade barriers and the coordination of monetary and fiscal policies. Development of economic integration is affected by different financial impacts which can either increase or decrease progress of it.…
