The purpose of this paper is to analyze the present condition of the Milk Quota System (Additional Levy System) in EU and consider its policy effect on the dairy farm structure, by taking the case of the dairy sector in the United Kingdom (particularly England and Wales). The Milk Quota System was introduced as the policy dealing with surplus raw milk in 1984, and its aim is to attempt to achieve the market equilibrium of supply and demand of raw milk by using the way of the control of the overproduction. The Milk Quota System is going to be abolished on March 31, 2015, because EU is willing to promote the market-oriented dairy policy.

In England and Wales, the trading quota market (buying system and leasing system) was effectively worked, where permanent transfer or temporary transfer of allotted quota to each dairy farm were traded across the regions. Dairy farmers who have the will to boost milk production buy or lease additional quota from farmers outgoing from the dairy sector or downsizing production. Because the both of buying system and leasing system of quota had an effect on the dairy sector, on the one hand numbers of dairy farm have been declined, on the other hand farm size based on milk cow numbers have been expanded and milk yield per cow grown more remarkably by selective breeding. In short the structural improvement of the dairy sector have made progress to a high degree and so they have developed their productivity and competitive power.

After the abolishment of the Milk Quota System EU dairy sector will take a more active entrance into the world market of milk products as market strategy against a background for the trend of trade liberalization. When the dairy sector consisted of a lot of technically efficient dairy farms in England and Wales choose their future course, they will have access to the world market to promote the sector, too. In conclusion the dairy sector in England and Wales will be able to obtain the fruits of its sustainable development in future.

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This paper aims to analyze the effect of the EU's regional policy and the external aid policy toward the neighbour nations in terms of the development of the trade and direct investment between the Euro area and neighbour nations. One of the conditions to be an international currency is that the nation plays a central part of the economic area in the trade and investment. The UK was the central part of the world economy in the gold standard era when the starling pound used to be an international currency, and so has been the USA when the ES dollar is the international currency. Thus, the Euro area also would be a pivotal part of the international economy in order for the Euro to grow as an international currency.
As the EU continues to enlarge not only toward the central and eastern Europe and south eastern Europe but also toward Mediterranean nations, the EU has been expanding its trade and foreign direct investment with its new EU members and neighbour nations. Several factors contribute to the development of its international transactions, such as the EU's higher productivity than the neighghbour nations, the non-Euro area nation's open door policy and the free trade policy between the two. This paper focuses the EU's regional policy and foreign neighbour policy as the means to promote trade and FID between the Euro area and its neighbour nations. These EU's policies contribute to funding of social infrastructure, the development of the human capital and to promoting the structure policies to liberalize the goods and service market, capital market and labour market. This paper argues that these economic effects would enhance inflow of FDI from the Euro area, which shapes the intra and extra trade between the Euro area and neighbour nations.
In this paper, section 2 examines the 2004 regional policy reform on the structural funds and Cohesion fund to find out the characteristics of the EU's regional policy toward the southeastern European nations. Section 3 reviews the EU's foreign neighbour policy with the Western Balkan Peninsula and analyzes the international division of labour between the Euro area and the neighbour nations. Finally, section 4 concludes the prospect of the role of the Euro as an international currency.

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