European Market Overview

Question 1

In 1975 European Union started as the _______ with these 6 countries

Answer 1

European Economic Committee; Germany, Belgium, France, Italy, Luxembourg, and the Netherlands

Question 2

Treaty of Rome (Treaty on the functioning of the EU) (law)

Answer 2

defines EU authority and defines principal laws. The overall goal was to create economic dependence and prevent war

Question 3

Why did the European Union Form

Answer 3

Formed after WW2 - wanted countries to become economically dependent to prevent more war

Question 4

2 main roles of EU today

Answer 4

acts as a Political and economic union

Question 5

Advantages of being a member of EU

Answer 5

single currency used (euro)
central bank
no trade tax/tarriffs
free movement through states

Question 6

Treaty on European Union (law)

Answer 6

defines the purpose of the EU

Question 7

Treaty establishing Euratom (law)

Answer 7

developed nuclear market in the EU to distribute products to members

Question 8

Charter of fundamental rights (law)

Answer 8

creates fundamental political, social, and economic rights for member states

Question 9

European Parliament (gov)

Answer 9

represents the citizens

Question 10

European Council (gov)

Answer 10

sets political agenda

Question 11

Council on EU (gov)

Answer 11

negotiates and adopts legislative acts

Question 12

European Commission (gov)

Answer 12

proposes EU laws known as guardian of the treaties

Question 13

Solvency standards 3 pillars

Answer 13

1. quantitative requirements
2. governance and supervision
3. disclosure and transparency

Question 14

How is Nato similar to EU

Answer 14

goal of protecting countries close to russia from falling under russian control against their will

Question 15

How is Nato and EU different

Answer 15

NAto is a defense organization while EU is a political and economic organization