Single Market

Question 1

Example of Red Bull

Answer 1

Red bull original recipe was banned in France for 12 years after French authorities argued that taurine was harmful.

Question 2

What is geo blocking?

Answer 2

European citizens normally face barriers when they use online services and tools

Question 3

Online market in the EU

Answer 3

online market remains largely domestic with only 15% of citizen shop online from another EU country

Question 4

Advantage of the Single Market

• Removing trade barrier

Answer 4

abolishing trade barrier and physical customs controls because access to the single market requires acceptance of all four freedoms

Question 5

Positive impact of abolished trade barrier

Answer 5

increased opportunities in employment and educational opportunities across the continent, couple with greatly enhanced tourism, due to the free movement of people

Question 6

What is the UK’s trading record with the EU?

Answer 6

at least 44% of Britain’s exports go to the EU

Question 7

What is the effect of a common regulatory framework?

Answer 7

A common regulatory framework serves to prevent company from gaining a competitive advantage by working to looser regulations.

Question 8

What is the common regulatory designed for?

Answer 8

reduce trade costs and open up more markets

Question 9

Effects of the Single Market

• Increased competition

Answer 9

Increased competition due to the free market in goods, which has reduced costs but also led to loss of jobs, often in regions that already suffer high unemployment

Question 10

Effects of the Single Market

• Increased opportunities

Answer 10

Increased opportunities in employment and educational opportunities across the continent, couple with greatly enhanced tourism, due to the free movement of people

Question 11

Effects of the Single Market

• Increase in migration

Answer 11

A substantial increase in migration from poorer EU countries to wealthier ones, for example, from Eastern Europe to the UK following EU expansion in 2005

Question 12

Effects of the Single Market

• Vulnerable to economic crisis

Answer 12

The single market, and in particular the Euro, could be seen as making the EU more vulnerable to the Global Economic crisis by binding it more closer together, leading to a ‘domino effect’ if one economy fails

Question 13

Effects of the free movement of people

Answer 13

The free movement of people has greatly enhanced tourism and opened new employment and educational opportunities across the continent

Question 14

Success of the Single Market

• Standardise protducts

Answer 14

The free market has standardise products and regulation making it easier for consumers to be protected and to access wider range of products

Question 15

Success of the Single Market

• More accessible

Answer 15

The free movement of financial services has made those services more accessible to a greater proportion of the population and cheaper

Question 16

Failures of the Single Market

• Migration

Answer 16

It has led to substantial migration from poorer EU countries to wealthier ones, leading to tensions

Question 17

Failures of the Single Market

• Loss of jobs

Answer 17

By emphasising competition it has led to the loss of jobs from those who could not adapt quickly enough, often in regions that already suffer high unemployment

Question 18

Failures of the Single Market

• National identity

Answer 18

Standardisation has been at expense of national identity and sovereignty, for example the compulsory use of the metric system

Question 19

Failures of the Single Market

• Out of date

Answer 19

Regulation has not kept pace with developments leading to an ‘excess of capitalism’

Question 20

What are financial passports?

Answer 20

These allow any company operating within the single market to trade across the EU without the need for separate licences.

Question 21

What is the custom union?

Answer 21

all the countries involved have agreed to apply the same tariffs on goods coming from elsewhere in the world.

Question 22

Example of being in the custom union

Answer 22

Goods can be shipped around the union without further tariffs being imposed.

Question 23

Disadvantage of free movement of people

Answer 23

The UK pays more than £670m to EU countries for Britons’ healthcare abroad, while claiming less than £50m from the EU

Question 24

Advantage of the single market

• talent

Answer 24

The single market has the advantage to fill jobs vacancies in many EU countries and gives employers a wider talent pool

Question 25

Advantage of the single market

• University-educated migrant

Answer 25

Britain attracts the highest number of university-educated migrants of any country in the EU to work in the financial, technology and media industry.

Question 26

Disadvantage of the single market

• Double standards

Answer 26

The EU has about 800 categories of regulated professions but only 7 have automatic recognition across the EU, such as doctors, meaning services are suffering from a double standards

Question 27

Advantage of the single market

• Aviation

Answer 27

The single market allows any EU airline to operate from and between any countries of the EU

Question 28

Impact of the single market on airfares

Answer 28

the Single market brought about the emergency of many airlines, which increased competition, pushing fares down.

Question 29

How much have air fare fallen due to the single market

Answer 29

Airfares have fallen by about 40%

Question 30

Fact of service sector export

Answer 30

Two-fifths of service sector exports go to the UK, whereas the Bric countries only account for less than 5% together.