The aim of this work is to identify and classify certain approaches to free economic zones as the cause of an efficient impact on a balanced economic development of the European Union and its members. The starting point is the hypothesis that the opening of free economic zones is an important instrument of the policy of a balanced development of the European Union and its members.The foundations for the application of this instrument are found in the provisions of the Agreement on the Establishment of the European Union that refer to competition and customs union. The European Commission agreed to the initiative of some Member States, in accordance with the EU Agreement on state aid for the creation of free economic zones in the regions with a high concentration of social-economic difficulties. In this manner, efforts are made to positively influence the economic development that does not erode the common European market. At this stage of development, free economic zones affected faster economic development, employment growth and changes in the economic structure in certain regions of the European Union, which proves the hypothesis.