Class 15 Flashcards
Single Market and Economic Monetary Union
what is a free trade area and when was it accorded?
no visible trade restrictions between members (trade restrictions: ban on import, quotas, or taxes) EEC free trade area (treaty of Rome 1957)
what are customs unions?
free trade area plus a common external trade regime (1st of July 1968)
what is the single market?
free movement of goods, persons, capital, and services (achieved Jan 1st 1993) (very much celebrated, keep Europeans happy)
What are three countries that liked it less?
Denmark, Austria and the UK (who left because of that)
Who liked it more?
Newer member states
what is a monetary union?
Common market plus a common currency (EURO) achieved from the 1st January 2002 (Denmark, Sweden and UK didn’t want it) (symbolic reasons (faces on money) and practical (HOW EU DEALT WITH IT)
what is the Economic Union?
monetary union plus a common economic policy
what is the challenge of the single market?
new technology and roaming charges
When was the ECC created?
1957
when was the transition period?
1958-1969
when was the stagnation (ECC)?
1970-1985
when was the completion of the single market?
1986-1993 jan 1st 1993
what are the four freedoms?
a) freedom of movement for goods (needs the same standards eg. baby seat)
b) free of movement of the person (can’t be discriminated on nationality)
c) freedom of movement for services (provide services in any member state)
d) freedom of movement for capital
to who do the four freedoms apply to?
4 million people which almost makes it like a nation-state
why does it make it like a nation-state?
physical barriers have been removed (customs), technical barriers removed (only accept this type of product for example), and the fiscal barriers (high taxes on foreign products)
