European Union Flashcards
What are the common values of the EU?
Respect for human dignity, freedom, democracy, rule of law, human rights, non-discrimination, tolerance, justice and solidarity
What are the four freedoms:
free movement of goods, service, people and capital
Aim of the EU?
to promote peace, its vaules and the well-being of its people
Explain the 1950s in EU history
It was the period of post-war reconstruction
The Schuman declaration on the 9th of may 1950, proposed to united the coal and steel industry of france and Germany
Later developed to the European Coal and Steel Community with six members, france, germany, belgium, Italy, Luxemburg and the netherlands
1957 –> Rome Treaties, European Economic Community and Euratom
Explain the 1960s in EU history
The time for laying the groundwork:
European Free Trade association (EFTA) and the Common Agriculture Policy was created
Abolition of custom duties
Explain the 1970s in EU history
Time of expansion, Denmark, Ireland and the UK joined
The first election of the European Parliament
Explain the 1980s in EU history
Southern countries joined, Spain, Greece and Portugal
The newly reunified Germany joins, east now apart of the union.
The Rome Treaty was remodified to the Single European Act
Explain the 1990s in EU history
Maastricht Treaty - the single european market
finland, sweden and austria joins
Amsterdam treaty in 1999
Explain the 2000s in EU history
12 countries introduce the euro in 2002
Central and eastern countries join, now 28 members
UK leaves in 2020, 27 members in total
Explain the features of the European Parliament
705 members elected by universal suffrage, election every 5 years
Legislative power with the council
Monitors the budget of the EU
Explain the features of the European Council
Council consists of the heads of states, and the president of the Commission
Provides the EU with political guidance and defines the political direction and priorities
Explain the features of the Council of the European Union
Co-legislative with the parliament
consist of ministers from the member states, chosen according to the agenda of the council
Rotating presidency each month
Explain the features of the European Commission
Proposes and implements laws
27 commissioners, one from each member, and the President Ursula von der Leyen, and also vice-presidents
Other important EU institutions and bodies:
- European court of Justice
- European Central Bank
- European Investment Bank
- European Economic and
Social committee - European Committee of the
Regions
Why was the EU created?
The EU was created in the aftermath of WWII. The
first steps were to foster economic cooperation:
countries that trade with one another are
economically interdependent and will thus avoid
conflict.
What was the Maastricht treaty?
- In 1993, the Maastricht Treaty was signed, replacing the EC with the European Union (EU).
- Maastricht Treaty established:
– Common Foreign and Security Policy
– Coordinated policy on asylum, immigration, drugs, and terrorism
– EU citizenship, which allowed people to travel freely throughout the EU
– Established a timetable for an economic and monetary
union
– Specified the economic and budgetary criteria which would determine when countries were ready to join
What doe the stars in the EU flag symbolize?
unity, solidarity and harmoy
What is the EU motto?
United in diversity
signifies how europeans have come together, in the form of the EU, to work for peace and prosperity
Political component of the EU?
The EU actively promotes human rights and
democracy and has the most ambitious emission reduction targets for fighting climate change in the world
Thanks to the abolition of border controls between EU countries, it is now possible for people to travel freely within most of the EU. It has also become much easier to live and work in another EU country.
What is the European Monetary Union?
The Economic and Monetary Union involves the coordination of economic and fiscal policies, a common monetary policy and the euro as the common currency
Launched in 1999, entered into force in 2002
Advantages of a single currency in the EU?
Eliminating fluctuating exchange rates and exchange costs
Because it is easier for companies to conduct cross-border trade and the economy is more stable, the economy grows and consumers have more choice
encourages people to travel and shop in other countries
A single currency also allows countries with
smaller economics to borrow more money
Disadvantages to the single currency?
Not suited for the individual’s country
Larger economic fluctuations
Inability to devalue currency
Moral hazard in the legislation and execution of government budgets
loss of economic identity
What is monetary policy?
The term “monetary policy” refers to what a central bank does to influence the amount of money and credit in the economy
What is inflation?
sustained increase in the general level of prices, which is equivalent to a decline in the value of money
if the supply of money and credit increases too fast, the result can be inflation
