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Economic integration is a broad inter-state association that has its own organizational structure. Integration between the participants means intensive exchange of goods, services, capital and labor. This process of economic interaction between countries leads to a convergence of economic mechanisms that are regulated by international agreements and intergovernmental bodies.
The European Union was the result of processes of economic integration in the world, it was established in 1958 and nowadays has become a powerful economic grouping. In the framework of the Union were established the benefits of mutual trade, was held the overall economic policy, were removed restrictions on the movement of goods, capital and labor.
In its evolution, the EU has passed all the forms of integration: free trade area, customs union, economic and currency union, and political union (the formation of the third and fourth forms is not yet complete)
The creation of the EU was aimed at creating a common market, and on this basis to increase economic stability and living standards.
The EU Treaty defined:
1) elimination of customs duties, import and export restrictions, as well as all other trade restrictions on the movement of goods within the community;
2) introduction of a common customs tariff and a single trading policy towards other countries;
3) the free movement of production factors (capital and labor);
4) carrying out the common agricultural and transport policies;
5) creation of a monetary union;
6) Coordination and the gradual convergence of economic policies of member countries;
7) harmonization of tax laws;
8) the alignment of domestic laws, that are relevant to the overall market. (Healey 1995)
The strategic goal of economic policy of the EU is strengthening, upgrading and restructuring of economic base, creating a sound economic and monetary union, maintaining its competitiveness in the global market. The basis of this policy is the integration of the interests of the Community, and especially of its most economically developed countries.
Despite a number of complexities and contradictions of organizational, economic and financial nature, despite the differences in development levels of countries, the leadership of the EU and its supranational bodies has managed (through the coordination of economic policy, redistribution of resources in support of the weaker states) not only to stabilize the average economic performance of the EU member states, but also to ensure sustainable community development.
Prior to the establishment of the Economic and Monetary Union (EMU) interaction of member countries on the economic policies was carried out mainly using the tools of trade and structural policies (Pan-European transport projects, the environment, promoting science and research, etc.) or micro-economic regulation (regulation of certain aspects of activities of enterprises, for example – in the field of occupational safety). And in the 1990 the Maastricht Treaty introduced the full range of tools, including instruments of macroeconomic regulation.
The formation of EMU was made in three stages and completed the introduction of the single European currency, which gradually replaced the national currencies. Inside the EMU Economic and Monetary Integration elements are organically linked and can not exist separately. Thus, the overall economic policy enables to form in the territory of all member countries a common economic space and Monetary Union, and cannot operate at substantially different national inflation rates, interest rates, levels of public debt, etc.
Prospects for the development of European monetary integration are connected with two aspects:
– The economic prospects of the major countries of the European Monetary Union and the speed of solving economic problems, which worsened or appeared in these countries after the transition to the euro;
– Accession to the European Monetary Union of Central and Eastern Europe, the scenario of economic development and successful development of these countries in economic terms from Western Europe, which determines the overall business climate in the EU.
Economic status of countries today outside the euro area to determine, in the first place, future prospects for the euro. As noted in the literature, “the prospects of a single currency follow from the reasons for its creation: reducing of transaction costs, increased competition, facilitating the fight against inflation”. Acceleration of integration processes and the creation of a strong currency will lead to increased economic consolidation and economic growth. (Ziltener 2001)
Also speaking about the economic policy of the EU it should be noted that after the formation and deepening of international economic integration in Western Europe, the participating countries faced the need for joint solutions to regional problems, as there were serious differences in regional development, that is a notable obstacle to further strengthen linkages between national economies. Ultimately, it was introduced a new form of regional policy – on the interstate or supranational level, requiring the harmonious development of the countries by reducing the differences between many of the regions of difference, and backwardness of less-developed areas. As a result, were identified common priorities for EU Structural Funds for Economic Development:
1) assistance in developing and fixing the structure of backward regions;
2) conversion of regions that were seriously affected by industrial decline;
3) The struggle with a stagnant unemployment;
4) the reform of common agricultural policy (promoting agricultural regions and fix the structure of agriculture).
Overall, the experience of regulation of regional development of the EU is very positive and of great practical interest, including solving the problems that will inevitably arise due to the further integration and expansion of the EU.

Works cited
Ziltener P. “The economic effects of the European Single Market Project: projections, simulations – and the reality”. Review of International Political Economy, Volume 11, Issue 5 December 2004. Pp. 953 – 979
Jones R.A. The Politics and Economics of the European Union. Edward Elgar Publishing Ltd; 2001
Gower G. The European Union Handbook. Routledge, 2002
Healey N. The economics of the new Europe: from Community to Union. Routledge, 1995.