19 - the European union

Question 1

the euro

Answer 1

the currency adopted by the members of the economic and monetary union (EMU)

Question 2

single market

Answer 2

removal of obstacles, such as customs checking, to allow the free movement of goods, services, capital and persons through the area

Question 3

European monetary union

Answer 3

a group of countries that have adopted the euro and have their monetary policy controlled by the European central bank

Question 4

trade deflection

Answer 4

a redirection of international trade due to the formation of a free trade area

Question 5

rules of origin

Answer 5

stipulation that a product must be manufactured from locally sourced components

Question 6

intra-area trade

Answer 6

trade between the members of a trading agreement

Question 7

trade creation

Answer 7

an increase in international trade that results from the reduction in tariff barriers

Question 8

social dumping

Answer 8

where goods are produced by low wage labour without expense by employers on workers’ social benefits

Question 9

Anglo-Saxon neo-liberalism

Answer 9

economic reform aimed at boosting the dynamism of economies - in contrast to the ‘social model’ which stresses social objectives

Question 10

FOREX market

Answer 10

abbreviation of foreign exchange markets

Question 11

Eurosclerosis

Answer 11

high unemployment and slow job creation despite economic growth