The European Union is an economic and political partnership between 28 countries where certain decisions are settle through intergovernmental organizations or institutions. The European Union is value of respect for human dignity, democracy, freedom and equality, also the rule of law and respect for human right, including the rights of persons belonging to minorities. The advantages of being in the European Union are low prices of the "Single Market" that is where all countries can buy product at low price and there are no charges when it comes to custom tax. Custom tax is mostly charged when goods are transported or sold between states or countries but is not applied among member countries "(cbp.gov)". Secondly citizens are free to move from one country to another and they can freely study, travel, work, or live in a European country, this opens up more job opportunities especially to those people who are in poor countries. Thirdly there is not conflict between membered countries since all these countries followed strict guidelines for any issues that occur, so they prevent any of these issues and promotes peace throughout the continent. The euro is an advantage for the European Union members because it contributes to a low inflation, long term investments, and a stable growth. The euro provides a lot of new opportunities which has had a positive impact. Being united by one currency brings economic stability harmony. It is also become the second reserve currency in the world with a quarter of foreign exchanges reserves being in euro. There are also chief drawbacks between the European Union and euro politically and economically. .
A risk that is involved in adopting the euro is that the monetary policy focus on the euro area. Once the euro has been adopted, the adjustments to the economic problems changes in a competitive position that need to be made via domestically and then set short term interest rates in the exchange rate.