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McGill > BUSA395 > Flashcards

BUSA395 Flashcards

1
Q

What are the three fundamentals for market expansion?

A
  • Growth objectives: What do you want to achieve?
  • Delivery model/system: How are you going to achieve this?
  • Risk management: How can you reduce your risk?
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2
Q

What are the three pillars of sustainable growth?

A
  1. Organizational: Business model, product offering, marketing and sales system, HR
  2. Financial capacity (balance sheet: what do you own and owe) and flexibility (What is your cash flow, since this affects your possibility for aquiring money)
  3. Operational: efficiency, capacity and operational systems
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3
Q

What are som key considerations when apporaching a new market?

A
  • Market size and growth
  • Market accessibility
  • Business and political environment
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4
Q

Define: Free-trade area (FTA)

A
  • No trade impediments (governmental imposed restraint on trade)
  • Internal good traffic is free, but each country can apply its own customs tariff with respect to third countries (outside the FTA)
  • Goods are accompanied by ‘‘certificates of origin’’
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5
Q

Define: Incomplete customs union (ICU)

A
  • No obstacles of goods among partner contries
  • One common external tariff is agreed upon (removes need for certificates of origin at internal borders)
  • Some barriers exist with some categories of goods and services
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6
Q

What is the diffence between an FTA and ICU

A

An ICU has a common external trade policy in some areas but may have individual policies as well, whereas an FTA have no common policy towards outsiders

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7
Q

Define: Customs union

A
  • all obstacles to internal free movement of goods are abolish without exception
  • A common external tariff
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8
Q

Define: incomplete common market

A
  • Introduces free movement of significant segments of labour and capital as opposed to customs union where there is just goods
  • various options as to the relation with third countries
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9
Q

Define: Common market (CM)

A
  • internal market of complete mobility of products (goods and services) and production factiors (labour and capital)
  • Common external regulation for both products and production factors.
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10
Q

Define: Monetary union (MU)

A
  • Currencies are either the same across the members, or linked through irrevocably fixed exchange rates
  • Free capital movement within the union
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11
Q

Define: Economic and monetary union (EMU)

A

Combining the economic and monetary union

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12
Q

Define: Political Union (PU)

A

Integration of security and foreign policy

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13
Q

Define: Full union

A

Complete unification of the economies

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14
Q

What does EBITDA mean

A

Earnings before interest, taxes, depreciation and amortization. Amortization is the spreading of costs over the expected life of the a long-term asset

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15
Q

What is FDI

A

Foreign direct investment, where an enterprise invests in a foreign country in the form of reinvesting earnings, intra company loans or equity investments

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16
Q

What is the WTO and what do they do

A

World trade organization, and helps ensure that trade agreements are open and fair

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17
Q

Name seven EU institutions

A

European Parliament
European Council.
Council of the European Union.
European Commission.
Court of Justice of the European Union (CJEU)
European Central Bank (ECB)
European Court of Auditors (ECA)

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18
Q

What does the european parliament do

A

Makes laws and approves budgets. Represents the citizens of the eu

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19
Q

What is IMDs assumption when it comes to wealth creation?

A

They assume that wealth creation primarily takes place at enterprise level.

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20
Q

What are transition points in terms of a company’s growth?

A

Critical times in a business’ development and growth, they must be able to effectively address and manage through those times

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21
Q

What are some constraints to growth?

A
  • Financial
  • Organizational
  • Operational
  • Knowledge
  • Competition
  • Industry dynamics
  • Policy
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22
Q

What is EUs motto

A

United in diversity

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23
Q

What day is Europe day?

A

9th of may

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24
Q

How many countries, languages an citizens are there in the EU

A

27 countries, 24 languages and 448.4 million citizens.

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25
Q

What should you pay attention to when reading the OECD, IMD and Forecast on midterm?

A
  1. Start with competitive profile - Notice the strenghts and weaknesses
  2. Go through summer forecasts
  3. OECD - GDP growth and trend, domestic demand, import and export numbers. Skim through the comments and highlight.
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26
Q
A
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27
Q

What are the steps (5) of making an EU law?

A
  1. Citizens, interest groups and expers discuss and consult
  2. Comission makes a proposal
  3. Parliament and council of ministers decide jointly
  4. National or local authorities implement
  5. Comissioni and court of justice monitor implementation
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28
Q

What is so important about a level playing field and competition in the single market?

A

Contributes to:
* Efficient use of resources
* Technological development and innovation
* Better variety of products and services at lower prices
* greater productivity in the economy as a whole

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29
Q

What are some prohibitions towards businesses in the EU?

A

They cannot:
* Fix prices
* Abuse a dominant position in a particular market to squeeze out smaller competitors
* Merge if doing so would put them in a position to countrol the market

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30
Q

What is the objective of state aid control

A

Ensure that government interventions do not distort ccompetition inside the EU.

Defined as an advantage in any form conferred on a selective basis to undertakings by national public authorities.

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30
Q

How much is the global trade, and how much is EU27 accounting for?

A
  • Global trade: €5,329.7 bn
  • EU trade is 14%
31
Q

Give examples of how EU is trying reduce child and forced labour, environmental destruction and price volatiliy

A

Schemes to ensure transparancy and traceability in supply chains are examples of how this is being done in the EU.

32
Q

Provide a history of the treaties of the EU

A
  • 1952 - The european coal and steel community
  • 1958 - treaties of Rome: European economic community, the european atomic energy community
  • 1987: The european single act: the single market
  • 1993: Treaty of European Union - Maastricht: European citizenship
  • 1999: Treaty of amsterdam: Reforming the institutions
  • 2003: Treaty of Nice: Institutional reform allowing the entrance of new countries
  • 2009: Treaty of Lisbon: Enhane efficiency
33
Q

How is the EU budget put together?

A

Seen as though the budget is mainly dedicated to investment, the eu uses long term spending plans, known as multiannual financial frameworks (MMFs) that run for 5-7 years. Currently from 2001-2007.

34
Q

What are the 5 priorities of EU budget for 2021-2027

A
  1. More competitive and smarter Europe
  2. A greener, low-carbon transitioning towards a net zero carbon eonomy
  3. More connected Europe by enhancing mobility
  4. A more social and inclusive Europe
  5. Europe closer to citizens by fostering the sustainable and integrated development of all types of territories.
35
Q

How is funding delivered with regards to cohesion policy?

A
  • ERDF - European regional development fund, to invest in social and economic develop ment
  • Cohesion fund: Invest in environment and transport in the less prosperous countries
  • ESF + - European Social fund plus, to support jobs nd create a fair and socially inclusive society
  • JTF - Just transition fund to support the regions most affected by the transitino towards climate neutrality
36
Q

What were the original six members of the EU

A

France, Germany, Italy and Benelux (Belgium, Netherlands and Luxembourg)

37
Q

What are the main Maastricht Criteria?

A

Govt deficit must not exceed 3% of GDP
Public debt must not exceed 60% of GDP

38
Q

What is the Capital Markets Union

A

EUS plan to greate a single market for capital.

39
Q

Why does EU want to create a CMU?

A

Increase savings and investment flow across EU, benefiting everyone regardless of location.
Resume growth and channel money towards green shift.

40
Q
  1. Define capital markets
  2. What are three important aspects with capital markets.
A
  1. Financial markets for trading of long term assets, like stocks and bonds.
    2.
  2. They contribute to channel funds towards funds to the green and digital transition.
  3. They help adress societal challenges posed by ageing population by providing for an adequate retirement
  4. Market based financing is the main source of financing for long term projects.
41
Q

What are the three key objectives of the new CMU Action plan?

A
  1. Support a green, digital, inclusive and resilient economic recovery by making financing more accessible
  2. Make EU safer for individuals to save and invest long-term
  3. Integrate national capital markets into a genuine single market.
42
Q

How is the EU trying to make the CMU action plan happen? 6 points

A
  1. Create a single access point to company data for investors
  2. Support insurers and banks to invest more in EU businesses
  3. Strenghten investment protection to support more cross-border investment in the EU
  4. Facilitte monitoring of pension adequacy across Europe
  5. Make insolvency rules more harmonised or convergent
  6. Push for progress in supervisory convergence and consisten application of the single rulebook for financial markets in the EU.
43
Q

What are EU citizens entitled to in terms of movement across borders? (5)

A
  • Look for a job in another EU country
  • Work there without needing a work permit
  • Reside there for that purpose
  • Stay there after employement has finished
  • Enjoy equeal treatment with nationals in access to employment, working conditions and all other social and tax advantages
44
Q

What are the main challenges of the CMU? 5 points

A
  1. Investment in Europe remains heavily reliant on banks
  2. Significant differences in financing conditioms between EU countries
  3. There are differing rules and market practices for products like scuritized instruments or private placements
  4. Shareholders and buyers of corporate debt rarely go beyond their national borders
  5. Many SMEs still have limited access to finance
45
Q

How does the EU promote free flow of capital?

A

Through:
1. International fora and multilateral agreements
2. Bilateral investment dialogues and trade agreements
3. Negotiations with EU candidate countries

46
Q

What are four things the single market has led to?

A
  • Significant reduction in the price of many products and services including airfares and phone calls
  • More choice for consumers
  • Millions of new jobs
  • More opportunities for businesses
47
Q

What is the background for free movement in Europe?

A
  • Originally to enable the working population to freely travel and settle in any EU state
  • In 1985 Schengen agreement was signed and implemented started in 1995 initially involvin 7 countries
  • Developments have been incorporated into the body of rules governing the EU.
48
Q

Who is the chief of state and head of government in Sweden?

A

CoS: King Carl XVI Gustaf (15.09.1973)
HoG: PM Ulf Kristersson (18.10.2022)

49
Q

Who is the chief of state and head of government in Greece?

A

CoS: President Ekaterini Sakellaropoulou (13.04.2020)
HoG: PM Kyriakos Mitsotakis (26.06.2023)

50
Q

How does the EU define cross-border capital movements?

A
  • FDI
  • Real estate investments or purchases
  • Securities investments
  • Granting of loans and credit
  • Other operations with finanial institutions, inluding personal capital operations such as dowries(Money brought from wife to husband in marriage), legacies(given through will), endowments(Capital provided without contingencies) etc
51
Q

What does the legal framework for the free movement of capital include?

A
  • Treaty provisions
  • Protocols and declarations
  • Transitional measures granted by the acts of accession to new member countries
52
Q

Who enforces the free movement of capital and how?

A

The Comission enforces the free movement of capital by monitoring capital flows and ensuring EU countries properly apply the rules of the Treaty (of Maastricht)

53
Q

What is the aim of the CMU

A

To get money investments and savings flowing across the EU to benefit consumers, investors and companies regardless of location.

54
Q

How much has the single market increased the European GDP?

A

9%

55
Q

Who are the countries driving innovation in the EU

A

The leaders are
* Denmark
* Sweden
* Finland
* Netherlands
* Belgium

56
Q

Who is the chief of state and head of government in the UK?

A
  • King Charles III (08.09.2022)
  • PM Rishi Sunak (25.10.2022)
57
Q

What principles is the European model of economic growth based on? 4

A
  • Sustainable competitiveness
  • Economic security
  • Open Strategic Autonomy
  • Fair competition
58
Q

What are nine drivers for EUs long term competitiveness? 9 points

A
  1. A functioning single market
  2. Access to private capital and investment
  3. Pulic investment and infrastructure
  4. Research and innovation
  5. Energy
  6. Circularity
  7. Digitalisation
  8. Education and skills
  9. Trade and open strategic autonomy
59
Q

What is the regulatory framework for progressing the nine drivers of long term competitiveness? 4

A
  • Regular assessment of the EU legislation, including cumulative impact of policies
  • Rationalization of reporting requirements
  • A more innovation-friendly approach to regulation
  • Assistance to ember states in the transposition of EU law
60
Q

What does the:
1. Parliament
2. Council of ministers
3. Commission
4. CJEU

Do?

A
  1. The European Parliament represents the citizens of EU countries and takes decisions on Law with the Council of European Union.
  2. Adopt laws and policies with Parliament
  3. Represents the common interests of the EU and is the main executive body.
  4. Ensures that EU law is followed
61
Q

What is the difference between the European Council and the Council of Ministers?

A

The European Council is each head of state to define the general direction and priorities of the EU.
Council of ministers are national ministers from each government to adopt laws and coordinate policies.

62
Q

How much does the EU spend on R&D?

A

Gross domestic expenditure on R&D stood at €331 billion in 2021. 2.27% relative to GDP.

63
Q

Rank 4 R&D expenditures in the EU

A
  1. Business enterprise sector
  2. Higher education sector
  3. Government sector
  4. Private non-profit sector
64
Q

When did CETA enter into force?
What are the 7 main parts of CETA?

A

Entered into forse 21.09.2017
1. Trade in goods
2. Trade in services
3. Public Procurement
4. Investment
5. Intellectual Property
6. Sustainable development
7. Smaller companies

65
Q

What services does CETA open up?

A
  1. Financial services
  2. Postal and courier
  3. Telecommunications
  4. Transport
66
Q

How much did CETA increase two-way trade

A

It grew to a record high of 100 Billion in 2021, an increase of 33.7% compared to 2016 level.

67
Q

What happened to Canadian trade with EU after CETA?

A

It grew to $32.5 Billion in 2021, increase of 46.4% from 2016. Merchandise imports from the EU rose 28.4%.

68
Q

How does CETA help the green shift?

A

CETA is supporting increased trade in environmental goods, helping both Canada and EU member states achieve their climate change goals. From 2016-2021 trade in environmental goods grew by 21.8 percent.

69
Q

How much did CETA save in duties in 2021?

A

€890.6 million

70
Q

What are the six steps in the making of trade legislation in EU?

A
  1. The comission does a ‘scoping exercise’ & impact assessment, including public consultatino
  2. The Comission proposes the negotiating directives to the European Council
  3. The Coulcil adops negotiating directives and instructs commission to negotiate on behalf of the EU
  4. The comission uses the councils directive to negotiate on the EUs behalf
  5. Council and Parliament recieve both technical and political report and negotiating documents
  6. The council codecides, approving results of the negotiation. The parliament co-decides, giving consent on the agreement.
71
Q

What are the goals of EU trade and investment policy?

A

Create growth and jobs by:
Securing:
* Open markets
* Clear regulatory frameworks

Reinforcing:
* EU competitiveness on world markets

Ensuring the well-being of:
* EU citizens
* Rest of the world

72
Q

What does the goals of EU trade and investment policy entail?

A
  1. Global system for fair and open traded
  2. Open markets to access partner countries
  3. Make sure everyone plays by the rules
  4. Support sustainable development for developing countries and the environment
73
Q

What is the joint commitment in the SPA between EU and Canada? 4

A
  • Uphold and advance democratic principles & human rights
  • Strengthen international peace and security
  • Strenghten effective multilateralism
  • Strenghten rules-based international order
74
Q

What does the SPA encompass in terms of ‘Cooperation on’? 4

A
  • Global economic issues
  • Sustainable development
  • Energy security
  • Environment and climate change
75
Q

What are 6 points of CETA from the reading?

A
  • Removes 99% tariffs
  • New market access from services to cheese
  • Cheaper & easier to export: Mutual recognition of testing, employee mobility
  • Protects investments while enshrining the government’s right to regulate
  • Lower prices & more chouce for consumers
  • Respects the EU and Canadas high standards on labour, environment and consumer protection
76
Q
A

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