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The process of European integration should be seen as the harmony of economic unification which is determined by a dynamic development with closed forms of intensive and deepening co-operation. Both processes, i.e. integration and co-operation, have been compared in the second part of the paper. The existence of a legal regime of its own is an important aspect of the economic integration. Therefore the necessity of national legal systems harmonisation, whose aim is to achieve the same legal regime for the common economic area, seems to be an inevitable process. As one from the driving forces of this process has become the need for balancing economic and social dimensions, the present-day EU policy responds to demanding challenges and it pays respect to the dignity of human being, while setting of the fundamental standard of social dimension is supposed in national legal order of the EU member states. The social policy of the EU has been therefore paid a close attention by the author. However the most challenging and prestigious act of the European integration has become the formation of a common European financial area, which is perceived in not only a European, but also in a world-wide context as well. It seems to be a process that is supposed to influence the development of international financial relations. This process bear certain level of risks, but it is really a unique opportunity for the creation of a single financial area for Europeans. (SOI : MO: S. 306)