A nation-state is a politically independent state with inherently defined borders and a sovereign government in which citizens and inhabitants share a common culture, belief, race, language, and nationality. We should note that this does not imply that all nation-states have entirely the same language, culture and traditions, but in a nation-state the majority of its inhabitants share elements. Experts view globalization as a threat to nation states. Globalization is the process that makes the world's economies and businesses more interconnected and interdependent, essentially eliminating national borders in trade and economic activities. An example of this would be the Euro, a currency developed by the EU to facilitate monetary transactions between states. It remains unclear whether facilitating capital and labor movements between EU countries will destroy each country's national identities.