THE HARMONIZATION OF THE EUROPEAN UNION’S ECONOMIC POLICY

The concept of “harmonization” refers to the transposition of any legal acts, processes and negotiations that have been adopted by the EU to the candidate country’s national law throughout the process of harmonization. Thus, just as each candidate country is subject to the same acquis as the member states; the member states also become a part of a central authority. Due to the supra-national structure of the European Union, member states are delegating some of their own powers concerning agriculture, justice, finance etc. to this superior authority and depend on the policy this authority will apply. Therefore, in the national characteristics of the state policy regarding these titles suffer erosion. In consequence of the integration process, the European Union has reached the largest single market in the world with over 500 million consumers and a gross national product of about 14 trillion Euros. In this common market, the labor force can move freely, companies can operate on any field they wish, capital and services can cross borders without facing any obstructions, and goods can easily be purchased and sold. The EU can regulate the acceptance of goods and services, set minimum standards and encourage investments with structural funds. However, the essential condition for these advances is that they require unanimous vote. Herewith, a legal obligation for member states to comply with the regulations made, and consequently the harmonization of harmonious economic and financial policies can be talked about. The focus of this study is the harmonization of the national policies of the states constituting the European Union regarding economy. The purpose of the study is to explain the legal ground and the tools used in the harmonization process