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| Create an integration of the European economies; will promote GROWTH, STABILITY, PROSPERITY, and HIGH LEVELS OF EMPLOYMENT. |
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| Single currency called the "Euro" |
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| All member countries take part in the ____, but only 16 countries have so far adopted the ____. |
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| 1990: Free movement of capital |
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| 1994: Coordination of economic policy starts, ECB- European Central Bank.;1997: The Stability and Growth Pact. |
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| 1999- Birth of the Euro, 2002: Circulation of the Euro notes and coins. |
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All members must meet criteria regarding:
-EXCHANGE RATE STABILITY
-INTEREST RATES
-INFLATION
-BUDGET DEFICIT
-DEBT TO GDP RATIO |
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-Easier for both individuals and companies
-Exchange rate fluctuation risks disappear
-Devaluations and protectionism stops
-More attractive opportunities for foreign investors
-Provides a single market for financial operators |
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| Arguments AGAINST the Euro |
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-Less individual control over inflation, interest and exchange rates
-Impossible to do protective devaluations if an economic crisis occurs
-Loss of identity- symbol of a country
-Loss of independence- financial and monetary policy |
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| What are the four freedoms of movement in the EU Internal Market? |
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| GOODS, SERVICES, PEOPLE, CAPITAL |
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| Examples of free movement of GOODS: |
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-Customs union
-No border controls
-Common statistics
-Common trade policy |
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| Examples of free movement of SERVICES and CAPITAL: |
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-Liberalization of telecommunications, postal services, energy sector
-Common transport policies
-Financial services, savings, investments, loans, transfers
-The right to buy property and companies, freedom of establishment |
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| Examples of free movement of PEOPLE: |
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-No passport checks at most of the internal borders
-Right to live, work, and study anywhere within the EU
-Educational diplomas and job qualifications obtained within the EU are recognized in all others
-Retire where you want and take your pension with you |
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| Why is effective competition crucial to market economy? |
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| It cuts prices, raises quality and expands customer choice. The European Commission has wide powers to regulate that this competition occurs. |
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| The EU competition policy consists of: |
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-Antitrust and cartels
-Merger control
-Liberalization
-State aids |
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| The Internal Market needs work in the following areas: |
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Definition
-The service sector (it is slow and hard to harmonize)
-Protection at another level is required to prevent piracy and counterfeiting of genuine EU products.
-Taxation rules are hard to harmonize.
-Rule of law- not always accepted, and the control is inadequate at times
-Hard to agree on standardization |
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| What is the #1 goal of the EU? |
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| There are __ countries in the EU, with __ official languages. |
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Criteria to become a candidate for the EU:
-Political: Stable institutions guaranteeing democracy, the rule of law, human rights, and respect for protection of minorities.
-Economic: Must have a functioning market economy and be able to cope with competitive pressure and market forces within the EU.
-Must take on the ACQUIS COMMUNAUTAIRE (the entire body of EU law) |
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Community domain (most of the common policy areas)
-Customs union
-Agricultural policy
-Structural Policy
-EU Citizenship
-Health |
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Common foreign and security policy
-Peacemaking
-Human rights
-Democracy
-Aid to non-member countries
-Disarmament |
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Police and judicial co-operation in criminal matters
-Police cooperation
-Fighting terrorism
-Criminal acts against children, trafficking in human beings
-Fighting organized crime
-Fighting drugs and the arms trade |
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| The base of the EU House is... |
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| What four treaties is the EU founded on? |
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| European Coal and Steel Community (ECSC), European Economic Community (EEC), European Atomic Energy Community (EURATOM), European Union (EU) |
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| What are the five institutions of the EU? |
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-Council of the European Union
-European Commission
-European Parliament
-Court of Justice
-Court of Auditors |
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| The institutional triangle includes... |
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European Parliament: Represents the EU's citizens directly [elected].
Council of the European Union: Represents the member states.
European Commission: Seeks to uphold the interest of the Union as a whole. |
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| Five important bodies of the EU: |
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European Economic and Social Committee: Expressed the opinions of organized civil society on economic and social issues.
Committee of the Regions: Expressed the opinions of regional and local authorities.
European Central Bank: Responsible for monetary policy and managing the Euro.
European Ombudsman: Deals with citizens; complaints about maladministration by any EU institution or body.
European Investment Bank: Helps achieve EU objectives by financing investment projects. |
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-EU's main decision-making body
-Represents the member states
-Ministers from each state attend
-The issue at hand depends which ministers attend. Ex: If an environmental issue is up to discuss, the Environment Minister will attend.
-The "General Affairs and External Relations Council" deals with the EU's relations with the rest of the world.
-Nine different configurations
-COREPER (The premanant Representatives Committee- member states ambassadors to the EU)
-Council Presidency rotates every six months |
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| The Council of the EU (Council of Ministers) |
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| Council's responsibilities: |
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-To pass EU laws, many times it works jointly with the Parliament in doing so
-Coordinate the broad economic policies of member states
-Concludes international agreements between the EU and other states or international organizations.
-To approve the EU budget alongside Parliament
-To develop the Eu's Common Foreign and Security Policy (CFSP)
-To coordinate cooperation between the national courts and police forces in criminal matters |
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-Politically independent institution, upholds interests of Eu as a whole
-27 commissioners (one from each country)
-24,000 administrative officials such as experts, translators, interpretors, secretarial staff, etc.
-Proposes legislation to Parliament and the Council
-Manages and implements EU policies and budget
-Enforces European law (jointly with the Court of Justice)
-Represents the EU on the international stage |
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-Directly elected by the citizens
-Elections are held every five years
-Shares the power to legislate with the Council
-Exercises democratic supervision over all EU institutions, in particular, the Commission.
-Shares with the Council authority over the EU budget; at the end, it may adopt or reject the budget in its entirety. |
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-Ensures that all EU legislation is interpreted and applied
-Settles legal disputes between member states, EU institutions, businesses and individuals.
-Court is composed of one judge from each member state |
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| Checks that all the Union's revenue has been received and all its expenditure incurred in a lawful and regular manner and that the Eu budget has been managed soundly. |
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| Three procedures for enacting laws: |
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-Codecision
-Consultation
-Assent |
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| Parliament and the Council share legislative power > Commission sends its proposal to both institutions. They read and discuss it twice in succession. If they cannot agree on it, it is put before a "conciliation committee", composed of equal numbers of Council and Parliament representatives. |
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| Codecision-making Procedure |
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