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Published byDeja Croslin Modified over 10 years ago
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Trading Blocks: The European Union Bartu and Gabriele
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What is the EU, origins and development Economic and Political Union 28 member states Numerous institutions Schengen Area (1995) Eurozone (2002)
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What is the EU, origins and development Last major amendment to the constitutional basis of the EU – Treaty of Lisbon Latest Figures 7.3% of world population 23% of world’s GDP (2012)
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The EU’s Aim: Free movement of People Goods Services Capital
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Which countries benefit from the EU Copenhagen criteria to join
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Copenhagen criteria Democracy The rule of law Human rights Respect for and protection of minorities The existence of a functioning market economy The capacity to cope with competitive pressure and market forces within the Union
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EU and the Single Market Economic and Monetary Union (EMU) 17 members (Eurozone) Single currency (Euro) Free circulation of goods, capital, people, services Common external tariff on all imports
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Why have a monetary union? Easier travel (citizens, goods, services) No exchange rate issues More price stability Political symbol of unity
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EU and Competition European Commission = competition regulator Aim: Undistorted competition within the single market Antitrust issues Approving mergers Breaking up cartels Economic liberalisation Preventing unfair state subsidies
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EU and Agriculture Common Agricultural Policy (1962) Increasing production High quality of life for farmers Stabilising food markets Reasonable prices for consumers
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Issues with the CAP Price control mechanisms Excess of supply Purchase of stock by EU Dumping of stock outside EU Damages international competitors Overproduction due to subsidies Environmental damage (farming)
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EU’s Achievements Peace and stability in Europe Economic freedom (single market) Unified security and justice systems Common tariff policy Common agricultural policy (CAP) Environmental regulations
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EU’s Setbacks Increased bureaucracy Less national identity (culture) Economic cost to members Inefficient policies (agricultural over-supply) Migration-related issues (employment) Problems with the Euro Uniform interest rates (ECB) Limits fiscal policy Countries cannot devaluate Economic crisis harms all
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