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| Treaty of Luxemburg, April 1970 |
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| Value-added tax & extended budgetary powers of European Parliament. |
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| Negotiations with four prospective Member States (Denmark, Ireland, Norway, and the UK) open in Luxembourg. |
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| The Council introduced a system of monetary compensatory amounts. |
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| Monetary Compensatory Amounts |
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| Used subsidies and taxes to even out the prices of agricultural and food products. Abolished 2 years later. |
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| The currency "snake" is set up. |
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| Belgium, France, Germany, Italy, Luxembourg and the Netherlands agreed to limit the margin of fluctuation between their currencies to 2.25% (except for in Italy where is was 6%) |
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| Denmark, Ireland, Norway and the UK signed the Treaties of accession to the European Communities. |
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| Norway's citizens chose not to join the European Communities |
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Denmark, Ireland, and the United Kingdom joined the European Communities (now 9 member states)
Community free trade agreement with Austria, Switzerland, Portugal, and Sweden |
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| European Council was held in Brussels; established European Monetary System based on a European currency unit (the ECU) |
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| European Currency Unit (ECU) |
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Definition
| A basket of currencies preventing movements above 2.25% (6% for Italy) along the bilateral exchange rate between member countries |
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| Gold Standard; made everything set against the USD. Fell when France wanted to exchange all US currency for gold |
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| Replaced the Bretton Woods system |
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| Exchange Rate Mechanism (Before the Euro) |
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Definition
| Part of the European Monetary System (EMS) to reduce exchange rate variability and achieve monetary stability, in preparation for the euro |
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| Exchange Rate Mechanism (After the Euro) |
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| After the adoption of the euro policy changed to linking currencies outside the Eurozone to the euro. The goal is to stabilize those currencies in order to evaluate their potential as Eurozone members. |
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| The UK was forced to leave the ERM after the sterling pound came under major pressure from currency speculators |
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| Greece joined the European Communities (10) |
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| Signed in June 1985. Originally only 5 out of 10 signed. Meant you didn't need a passport anymore to travel between countries (except UK & Ireland, and Romania & Bulgaria were given limited rights) |
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| Spain and Portugal joined the European Communities (12) |
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| Revised the Treaty of Rome and created free trade between Member countries and wanted to create market without frontiers goal was to establish common market by end of 1992. |
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| Social Charter (part of SEA) |
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Definition
| Created the same minimum standards for all European workers |
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| European Funds (part of the SEA) |
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Definition
Financial support for building countries; money could be used for highways, railroads, water treatment plants
Czech Republic in trouble for using money for private companies. |
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| Margaret Thatcher, Ronald Reagan, Jacques Delors |
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| French socialist, main figure of the SEA; proposed the passing of a Social Charter. |
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| Leading role in the neoliberal revolution; shrunk state invention in the economy and social welfare, deregulated whole economic areas, decrease worker union's influence, reduced taxes. Strived to reduce the British contribution to the EEC budget. |
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| Margaret Thatcher's speech |
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| At the College of Europe in Bruges, Belgium. Basically said that Britain did not want to be part of the SEA because having higher regulations would raise cost of employment and make them less competitive overseas. |
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| Invest in people and building an active welfare state |
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