Is the EU a declining global power Essay Example | Topics and Well Written Essays - 1500 words

Is the EU a declining global power - Essay Example The European Union has been in the forefront in influencing policies, both in Europe and other parts of the world. The organisation has been a strong agent of change that has determined the fate of many nations within and outside Europe. Among other aspects, the organisation has actively participated in enhancing trade within Europe and ensuring that there is harmonisation of trade policies within the European nations. This has led to the establishment of the Euro as a currency, which is widely used when carrying out business transactions in Europe. Despite the dominance of EU and its notable strength as a global superpower, the organisation has been experiencing some challenges that have contributed to its decline as a global power (Prys, 2010: 480). The eurozone, which mostly comprises of the leading states, which make up the European Union, have been faced with immense challenges that have threatened to cause the fall of the European Union. The individual challenges faced by the states separately have had a negative impact on their production systems and economic growth. As a result, this has led to the decline of the entire union since the member states contribute significantly to the continuity of the union. The aspects of innovation and enterprise that once took centre stage in the EU have faced significant challenges; they have been frustrated and their advancement hindered by a number of factors (Hothi, 2005: 12). For the last three decades, the economic growth rates in the European Union have declined significantly as compared to the rates of growth in other regional actors. This case demonstrates that the EU has declined as a global power since it has faced difficulties in competing with other regional powers.