EXTERNAL POWER OF THE EU: THE POLITICAL ECONOMY OF NEIGHBORHOOD POLICY

The European Union (EU) produces more than $19 trillion of GDP which makes the EU the biggest and one of the wealthiest economic areas. Its population reaches more than half a billion which makes the EU one of the most crowded territories around the world. However, the EU is not a state in a traditional way and it does not have such a claim; on the other hand the EU is not a standard international organization (IO), either. The EU with its huge economic capacity supported by its single market (SM) has been obviously affecting polities which are in relation with the EU. Even, numerous studies indicate that the EU exercises regulatory actions on many neighboring countries and its other trade partners. Thus, the EU, from a political economy point of view, could be considered as a power in international system