European Union

Refresher  Market: the interaction of buyers and sellers exchanging goods and services  Trade: the process of buying, selling, or exchanging of goods within or between countries.  Tariff: a fee imposed by a government on imported or exported goods.

What is the European Union?  An economic and political association of certain European countries  Largest economic body in the world.  A unique institution – Member States voluntarily cede national sovereignty in many areas to carry out common policies and governance.  World’s most open market for goods and commodities from developing countries million Member States Combined population of EU Member States Percent of world’s population Percent of global GDP 55 Percent of combined worldwide Official Development Assistance

Purpose of the EU  For its members to work together for advantages that would be out of reach if each were working alone.  Belief that when countries work together they are a more powerful force in the world because they involve:  More Money  More People  More Land  This help make small countries more completive in the world market

Benefits  Member may use a common currency (euro) that makes trade easier.  EU works to improve trade, education, farming, and industry among its members.  Major benefits include:  No tariffs (free trade)  Free mobility from country to country within the EU  Live and work in any EU nation  People can vote in local elections even if not a citizen of the country

Money/Currency  The euro is the currency the MOST EU countries use.  Common currency makes trade between the countries much easier and less expensive.  Member countries can choose to give up their own currency for the euro or keep their standard currency.  12 countries in the EU do not use the Euro

1951 Founding Members Belgium France Germany Italy Luxembourg Netherlands

1973 Denmark Ireland United Kingdom

1981 Greece

1986 Portugal Spain

1995 Austria Finland Sweden

2004 Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Slovakia Slovenia

2007 Bulgaria Romania

Candidate Countries Croatia Former Yugoslav Republic of Macedonia Turkey Potential Candidate Countries Albania Bosnia & Herzegovina Montenegro Serbia including Kosovo under UN Security Council Resolution 1244

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 What are some of the benefits of being in a country that is a member of the EU?  How do this benefits make life easier for the people of these countries?