ABSTRACT
What makes European unification so significant for international relations theory is that it largely occurs after the major external threat disappears. The gradual unification of Europe during the decades since World War II is a world historic development. The business basis for the unification of Europe was already suggested by the formation of international cartels in Europe involving Britain, France, and Germany during the 1930s. The greater integration of both the European and the world economies has been spurred especially by the integration of financial business and markets on a global, scale. European monetary integration was pushed forward less by cooperation among governments than by financial integration pushed by private financial interests. The most powerful new factor promoting European financial integration was the development of the Eurobond market, which essentially facilitated cross-border long-term capital investments. The competitive strength and political influence of European internationalist business is the main reason why European unification cannot be reversed without enormous countervailing power.
