Joining the EU is said to provide member states with a list of advantages. These will include membership at the different European financial institutions. Generally, there are several European Financial Institutions. The European Central Bank (ECB) maintains the Euro's purchasing power and price stability. The European Investment Bank (EIB) raises funds for capital projects to the EU's objectives. The European Investment Fund (EIF) handles venture capital and serves as the guarantee agency of the EU. Reading this reference will help you understand some of the benefits of joining the EU. How would member states be affected if they decided to leave the union?
Benefits of EU membership are ignored during EU budget negotiations
This briefing presents an account of the monetary and non-monetary benefits that Member States enjoy
thanks to their EU membership. EU policies have large national political and economic returns, even
though they may not be reflected in EU budget allocations. In particular, these benefits are not usually
considered in the calculation of national operating budgetary balances (OBBs) and are thus omitted from
EU budget discussions. The crucial aspect of these benefits is that they arise from EU membership and could
not be developed elsewhere (i.e. national level). Their unique characteristics – which include a cross-border
nature, the need for a critical mass, and network externalities – mean that the related benefits can only be
reaped from action at the EU level.
This briefing is one of four that aim to expose the limitations of the operating budgetary balances (OBB)
indicator, which results in inadequate political negotiations on the EU budget. These accompanying
briefings clarify inter alia that OBBs are a misleading yardstick even for a Member State's fiscal advantages.
In this briefing, we focus on the non-budgetary advantages of EU membership that are completely ignored
in a narrow OBB exercise.