The creation of a single market is likely to convey the message that all the 15 countries are a homogeneous group. But the reality is all these 15 countries are very heterogeneous in terms of geography, area, GDP and per capita income besides language and cultural diversities.
Image Source: sparetimelansing.com/wp-content/uploads/2012/09/Group-Events-Meetings.jpg
Language and Cultural diversity
There are lot of language and cultural diversities across the member countries of the European Union. The following examples would highlight these variations:
ADVERTISEMENTS:
1. Around 80% of the people do not have English as a mother tongue.
2. Germans are the wealthier and the high savers.
3. The propensity to save of French people is very low.
4. The British use credit cards very often and exceed their expenditure beyond their income levels that is why, they are generally debtors.
ADVERTISEMENTS:
5. The people in Belgium like to spend more on home decorations.
6. The people of Italy have great love for cars.
7. The people of Spain earn and spend 63% of what is generally earned and spent by the Germans.
8. The Dutch do not prefer cars but are very adventurous. They also spend more than their income and as such are big debtors.