Read this excerpt from the Charter of the Fundamental Rights and Freedoms of the European Union. The Union contributes to the preservation and to the development of these common values while respecting the diversity of the cultures and traditions of the peoples of Europe as well as the national identities of the Member States and the organization of their public authorities at national, regional and local levels; it seeks to promote balanced and sustainable development and ensures free movement of persons, goods, services and capital, and the freedom of establishment. Based on the excerpt, the European Union values both economic development and