This
paper details the birth of the European
Union, or EU, as an intergovernmental organization of European
countries, considered the most powerful regional organization at present. The chief activity of the EU covers the establishment and administration of a
common single market, which consists of a customs union, a single currency called the Euro, a common agricultural policy and a common fisheries policy. The writer of this paper delves into the economies of both Spain and Portugal while discussing the impact of the Euro on both of these countries. Portugal's
economy is based on traditional industries, including textiles, clothing, footwear, cork and wood products, beverage, porcelain and earthenware, glass and glassware. This paper details Portugal's inclusion into the EU as well as its impressive showing in Europe's automotive sector and services, particularly tourism, which has played a significant role in reviving this once depressed economy. After joining the EU, the Spanish government continued with its programs of liberalization, privatization and deregulation of the economy as well as tax reforms. Following its membership in the EU in 1986, Spain experienced strong economic
growth and trade expansion, which are clearly described in this paper. This paper also contains relevant statistics and data regarding both countries' economies before and after inclusion into the European Union. Table of Contents: Introduction Changes in General Performance and Structural Economy Portugal Spain Impact of the Euro on Portugal and Spain Expectations Conclusion Bibliography
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