Lecture 6

Question 1

What are the different stages of economic integration?

Name all five

Answer 1

Question 2

What are do the (five) different stages of economic integration entail?

Answer 2

Question 3

What is the history of the European single market?

Answer 3

Question 4

What are negative and positive integration measures?

Answer 4

Question 5

What is the Cassis Dion case? Why is it important?

Answer 5

Question 6

What are (two) key rulings for the single market? Why are they important?

Answer 6

Question 7

What was the Eurosystem?

Answer 7

Question 8

What were the three stages from the EMU?

Answer 8

Question 9

Why was the Maastricht treaty created?

Answer 9

Question 10

What are the five Maastricht Convergence Criteria? For what are they? How are they measured and what are their limits?

Answer 10

These criteria are for EU countries that want to join the Eurozone.

Question 11

What is the Stability and Growth pack? When and why was it created?

Answer 11

Question 12

What is the Optimum Currency Area? What does it imply?

Answer 12

Question 13

What are the EU’s economic leverages?

Answer 13

Question 14

What was the Eurozone crisis? What was created to solve the crisis?

Answer 14

Question 15

What was the corona package of the EU?

Answer 15

Question 16

What are the next goals for the single market?

Answer 16

Question 17

What were the two different types of ideas to create an economic and monetary union? Who supported each position?

Answer 17

1. Monetarists (fix echange rates first), France, Belgium, Luxembourg
2. Economists (cooperate on economic policy first) Netherlands & Germany

Question 18

How has the EU intregrated thus far on the monetary and economic front?

Answer 18

The EU almost completely integrated on monetary level and much less on the economic level, since most countries still control their own economic policies.

Question 19

What are positive and negative integration?

Answer 19

Positive: creation of common rules
Negative: taking away obstacles

Question 20

What was the blueprint for the EMU?

Answer 20

The Delors Report (1989)

Question 21

What is the Stability and Growth Pack? Why was it revised?

Answer 21

At most 3% deficit, at most 60% debt-to-GDP. It was revised because it was not flexible enough.

Question 22

What is an OCA? Is the EU one?

Answer 22

Optimum Currency Area, i.e. suffieciently linked s.t. having one currency makes sense.

Generally the EU is not considered an OCA

Question 23

What are two perspectives of the EMU?

Answer 23

1. Economic
2. Political Science

Question 24

What are (some) critisisms of the EMU?

Answer 24

Question 25

How did the EMU respond to the 2007-2008 financial crisis?

Answer 25

Question 26

What are some of the changes made after the 2007-2008 financial crisis?

Answer 26