Berend (2009) told us the European Union (EU) works as a political and economic union of 27 European countries, which committing to making collaborative efforts by the 27 members to pursue a peaceful and prosperous development and environment in the European region. This community is a unique organization which can date back to 1958, when six countries made efforts together to form this union with the assistance of European Coal and Steel Community (ECSC) as well as European Economic Community (EEC).
For example, Bomberg and Peterson (2008) claimed the period after the World War II, the Europe was almost in a chaos, which was divided by differences such as the political factors and cultural factors and so on. To promote a governing body which is able to meet with different requirements or diversity factors in this region, the dream of establishing a community like the EU came out. But not until 1992, member countries had signed the Maastricht Treaty, which brought the dream of establishing a united economic and political body- European Union into effect. In this treaty, some pillars of the union were formed such as the European Communities, Common Foreign& Security Policy, as well as Justice & Home Affairs and so on and other favorable policies were also carried out such as the provisions for new countries.
In fact, El-Agraa (2011) also proposed the EU is formed under the objectives to develop a common market that is the one single market and a customs union among these members. In the aspects of the single market, many important issues are involved such as keeping the commodity, capital, customers and services in a free circulation. And in the aspect of the customs union, there is a clear requirement on the standard external tariff towards all kinds of products when entering into this market region. Because of such kind of free circulation on people, goods, services and capitals, the economy and commercial practices in this region are promoted a lot which help the prosperity of this region particular the development of the EU members.
Next, based on the perspective of Bomberg and Peterson (2008), the European Union is also built up on a creation of a common monetary union, which is a single currency named Euro. The common currency becomes the united currency among these member countries which is designed to assist the establishment of the single market in this region to ease the burden of the travel for both people and commodities, remove the troubles on exchange rate, promote the transparency in price, build up a single financial market, pursue a stability in price and a low interest rate, promote a common currency for members used internationally and protect member countries to go against these shocks and challenges from the internal trade within this region. due to the efforts made by all of the EU members, the euro has already become the second reserve currency just ranking behind USD in the world, which has even take up 1/4 of the foreign exchanges reserves before the euro crisis. Besides, European Central Bank (ECB) is established by EU as the central bank in this region to carry out and control these monetary policies in this area companies by the agenda to keep the stability of the price. The ECB works as the center of all the central banks of the European system made up of all the national central banks of EU members under the charge of the General Council.
In addition, Dedman (2009) explained EU has also promoted other kinds of policies in its member countries related with various issues in social and political aspects. For example, there are many EU committees to take charge of important issues in this region such as the areas of agriculture, energy issues, anti-terrorism practices, environmental protection polices, and education policies to promote the actual prosperity in all aspects of this region.
In brief, the establishment of the single market is one of the greatest accomplishments of EU, which remove the restriction of trades among member countries. And another achievement of EU is the establishment of the common currency euro to help members to meet the economic standards so as to promote the progress of all the members in EU.