REGULATORY CONVERGENCE OF EU MEMBER STATES

Abstract

Today, the process of developing cooperation in new forms of multi-level interregional relations (“new” regionalism and interregionalism) covers a significant number of actors (with a significant regional identity), transforms each region into an independent actor that positions itself under the influence of interregional interaction (not only spontaneous processes at the level states but also at the level of non-state actors), which leads to its externalization. This article investigates how regulatory convergence plays a role in the progress of the European Union member states. The article explores the primary methods for establishing new institutions facilitating convergent interaction within the European Union. It has been recognized that the effects of regulatory convergence within the European Union extend beyond the regulation of the movement of goods and the common economic and trade policy of the European Union towards third countries. It was concluded that competitive regulation plays a significant role in the current convergence and integration strategy of the European Union, particularly in the development of sectoral relationships that aim to establish innovative alliances within the European scientific community. The article argues that "technological sovereignty" is a crucial concept that should be carefully examined, as it combines the issues of technological advancement and the maintenance of state sovereignty into a unified analytical category. The article discovered that the European Union's strategic objective is to enhance its position as a global player. It suggested that regulatory convergence among the member states of the European Union goes beyond the control over the movement of goods and the common trade policy of the European Union towards third countries and serves as a motivation factor towards the achievement of a resource-efficient, environmentally friendly, and competitive economy (sustainable development), as well as for the development of national economies based on knowledge and innovation (intellectual growth); a high level of employment in the economy, which ensures social and territorial cohesion (socially integrated development). The article emphasizes that the sustainable and holistic development of the economy is crucial for the European Union to establish a dominant position in the global market competition.