Chapter 8 Flashcards
European Union (EU):
The political and economic organization of 27 countries
Brexit:
The process of the UK leaving the EU
Free trade area (FTA):
A group of countries that remove trade barriers between themselves
Customs union:
A free trade area with common external tariffs for imports to the union
Common market:
An area with free trade movement of goods, services, capital and people
Economic union:
Countries coordinating their economic policies beyond the removal of tariffs
and quotas
Euro:
The currency of the European Monetary Union
Monetary Union:
Countries sharing a common currency and monetary policy
Political union:
Countries integrating major aspects of their political and economic affairs
Political union
Integration of economic and political affairs, shared political institutions such as parliament
=> UK, USA
Economic union
Integration of some economic policies, such as monetary policy and budget deficits
=> Euro zone
Common market
Free movement of goods, services people and capital
=> EU single market
Customs union
No internal tariffs, common external tariffs
=> EU-Turkey
Free Trade Area
Removal of most internal tariffs and quotas
=> NAFTA
No bilateral treaty
Their trade relations are governed by WTO (World Trade Organization) rules
=> EU vs USA
Council of Europe:
An international organization promoting human rights, democracy, and the rule of law in Europe, with 46 member states (as of 2024), including almost all European countries
European Convention on Human Rights:
A charter defining human rights in Europe
European Court of Human Rights:
An international court for human rights cases in Europe
Treaty of Rome
Create of the Council of Europe
=> 1949
European Convention of Human Rights
Codifying individual human rights; creation of European Court of Human Rights
=> 1950
Treaty of Paris
Established the European Coal and Steel Community
=> 1951
Treaties of Rome
Creation of the European Economic Community (EEC) and Euroatom
=> 1957
First direct elections to the European Parliament
Monitoring of EEC bureaucracy and its budget; co-decisions regarding European legislation
=> 1979
Schengen Convetion
Abolition of border controls. The agreement that laid basis for passport-free travel
=> 1985
Single European Act
Creation of the European common market
=> 1986
Maastricht Treaty
Creation of the monetary union; extension of political cooperation EEC becomes European Union
=> 1992
Copenhagen Criteria
Conditions that new members have to fulfil to join the EU
=> 1993
Amsterdam Treaty
Further streamlining of decision-making processes; tidying up gaps in Maastricht Treaty
=> 1997
Bologna Declaration
Create of a single European higher educational area
=> 1999
Nice Treaty
The Treaty of Nice (2001) reformed EU institutions to prepare for eastern enlargement by:
Adjusting voting weights in the Council of the EU (more votes for larger states)
Reforming the European Commission structure (capping the number of Commissioners)
Extending qualified majority voting in some areas
Making procedural reforms for efficiency
It’s often compared to the Amsterdam Treaty (1997) for failing to complete reform — which is why Nice was needed. Then came Lisbon (2007) to fix the fixes
(Constitution)
EU Constitutional Treaty
The proposed EU Constitutional Treaty of 2004 aimed to consolidate existing treaties and introduce new institutional structures, but was never ratified after being rejected by France and the Netherlands
Lisbon Treaty
The Lisbon Treaty (signed in 2007, effective 2009) reformed the institutional structure of the European Union, simplified decision-making, and replaced the failed Constitutional Treaty
European Stability Mechanism
Organization of providing support for countries in financial difficulties
=> 2011
Central and Eastern Europe (CEE):
The common name used for the countries east of the former
Iron Curtain
Comecon:
The pre- 1990 trading bloc of socialist countries
Economic transition:
The process of changing from a central lan to a market economy
Four freedoms of the EU single market:
Freedom of movement of people, goods, services and
capital
Mutual recognition:
A product that is lawfully produced and sold in one EU member state must be allowed to be sold in any other member state, even if the product does not fully comply with the technical rules of the receiving country.
Harmonised sector:
Sectors of industry for which the EU has created common rules
Erasmus+ Programme:
An EU programme encouraging student mobility in Europe
Schengen Visa:
Visa giving no-citizens access to the Schengen area
EU and Schengen members in 1995:
Germany, Luxemburg, Spain, Protugal, Belgium, France, Italy, Netherlands
EU members that joined Schengen since 1995
Finland, Sweden, Denmark, Czech Rep., Austria, Hungary, Greece, Estonia, Latvia, Lithuania, Poland, Slovakia, Slovenia, Malta
EU and Schengen members retaining border controls
Ireland
Schengen members outside the EU
Norway, Iceland, Switzerland
EU members, Schengen not yet implemented
Croatia, Bulgaria, Romania
Competition policy:
policy governing the rules of the game in competition in a country
State aid:
Financial support from government to firms through e.g. subsidies or tax rebates
Subsidy competition:
Competition between governments trying to attract investors by offering
subsidies
Eurozone:
The countries that have adopted the euro as their currency
European Central Bank (ECB):
The central bank for the eurozone
European Stability Mechanism (ESM):
A fund to support member countries with difficulties
raising money on the capital markets
Optimum currency area:
A theory establishing criteria for the optimal size of an area sharing a
common currency
European Council:
- Sets the overall political direction and priorities of the European Union
- Made up of the heads of state or government
President of the European Council:
The person chairing the meetings 0f the European Council
Council of the European Union:
It’s one of the EU’s main legislative bodies, alongside the European Parliament.
It represents the governments of the EU member states.
Its members are national ministers, and which ministers attend depends on the policy area being discussed
European Commission:
It’s the executive arm of the EU — meaning it implements EU policies, enforces EU law, and manages the day-to-day business of the Union.
The flashcard says it’s “similar to a national government,” and that’s broadly accurate in terms of function, but not structure or political authority (since it operates independently from member states).
Directorate General (DG):
A department of the Commission, similar to a ministry of a national
government
President of the Commission:
The head of the EU’s executive, similar to a national prime
minister
European Parliament:
The directly elected representation of European citizens
Members of the European Parliament (MEPs):
Parliamentarians directly elected by the citizens
of the EU
European Court of Justice (ECJ):
The court system of the EU
Lobbying:
Making your views know to decision-makers with the am of influencing political
processes
