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Global Business > Tutorial 6 > Flashcards

Tutorial 6 Flashcards

1
Q

Chapter 8

customs union

A

A free trade area with common external tariffs for imports to the union

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2
Q

Chapter 8

common market

A

An area with free movement of goods, services, capital and people.

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3
Q

Chapter 8

economic union

A

Countries coordinating their economic policies beyond the removal of tariffs and quotas.

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4
Q

Chapter 8

political union

A

Countries integrating major aspects of their political and economic affairs.

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5
Q

Chapter 8

Treaty of London

A
  • September 1949
  • Creation of the council of europe
  • Independent of the EU
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6
Q

Chapter 8

European convention of human rights

A
  • November 1950
  • Codifying individual human rights; creation of European Court of Human Rights
  • Ratified and in force 1953, independent of the EU
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7
Q

Chapter 8

Treaty of Paris

A
  • April 1951
  • European coal and steel community ECSC
  • In force 1952, now defunct
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8
Q

Chapter 8

Treaties of Rome

A
  • March 1957
  • Creation of the European Economic Community (EEC) and Euroatom
  • In effect from January 1958, with a completion target date set to December 1969
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9
Q

Chapter 8

First direct elections to the European Parliament

A
  • June 1979
  • Monitoring of EEC bureaucracy and its budget; co-decisions regarding European legislation
  • Elected every fifth year directly by the citizens of the EEC
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10
Q

Chapter 8

Schengen Convention

A
  • June 1958
  • Abolition of border controls
  • Implemented 1995
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11
Q

Chapter 8

Single European Act

A
  • February 1989
  • Creation of the European common market
  • Common market effective January 1, 1993
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12
Q

Chapter 8

Maastricht Treaty

A
  • February 1992
  • Creation of the monetary union; extension of political cooperation, EEC becomes European Union (EU
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13
Q

Chapter 8

Copenhagen Criteria

A
  • June 1993
  • Conditions that new members have to fulfil to join the EU
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14
Q

Chapter 8

Amsterdam Treaty

A
  • Ocotober 1997
  • Further streamlining of decision- making processes; tidying up gaps in Maastricht Treaty
  • In force 1999
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15
Q

Chapter 8

Bologna declaration

A
  • June 1999
  • Creation of a single European higher educational area
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16
Q

Chapter 8

Nice treaty

A
  • February 2001
  • Further streamlining of decision- making processes; realignment of voting power
  • In force 2003
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17
Q

Chapter 8

Constitution

A
  • October 2004
  • Integrating the treaties; creating new structures and policy areas
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18
Q

Chapter 8

Lisbon treaty

A
  • December 2007
  • Integration of agreements; simplification of institutions
  • In force December 2008
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19
Q

Chapter 8

European stability mechanism

A
  • December 2011
  • Organization providing support for countries in financial difficulties
  • September 2012
20
Q

Chapter 8

Comecon

A

The pre-1990 trading bloc of socialist countries.

21
Q

Chapter 8

economic transition

A

The process of changing from a central plan to a market economy.

22
Q

Chapter 8

four freedoms of the EU single market

A

Freedom of movement
of people, goods, services and capital

23
Q

Chapter 8

mutual recognition

A

The principle that products recognized as legal in one country may be sold throughout the EU.

24
Q

Chapter 8

subsidiarity

A

The EU takes action only if it is more effective than actions taken at lower levels.

25
Q

Chapter 8

harmonized sector

A

Sectors of industry for which the EU has created common rules

26
Q

Chapter 8

state aid

A

Financial support from government to firms through, e.g. subsidies or tax rebates.

27
Q

Chapter 8

subsidy competition

A

Competition between governments trying to attract investors by offering subsidies.

28
Q

Chapter 8

lobbying

A

Making your views known to decision-makers with the aim of influencing political processes.

29
Q

Chapter 9

multilateral organizations

A

Organizations set up by several collaborating countries.

30
Q

Chapter 9

General Agreement on Tarrifs and Trade(GATT)

A

A multilateral agreement governing the international trade of goods (merchandise).

31
Q

Chapter 9

General Trade on Trade in Services

A

A WTO agreement governing the international trade of services.

32
Q

Chapter 9

non-discrimination principle

A

A principle that a country cannot discriminate among its trading partners (also known as most favoured nation principle).

33
Q

Chapter 9

compulsory licensing

A

Licences issued by a national government in an emergency without agreement of the licence owner.

34
Q

Chapter 9

WTO dispute settelment agreement

A

A procedure of the WTO
to resolve conflicts between governments over trade-related matters.

35
Q

Chapter 9

free trade agreements(FTAs)

A

A group of countries that remove trade barriers among themselves.

36
Q

Chapter 9

deep trade agreements

A

An FTA that covers
more than removal of tariffs, quotas and export promotion.

37
Q

Chapter 9

regional FTAs

A

A free trade agreement between countries in the same region of the world.

38
Q

Chapter 9

Generalized System of Prefrences

A

A system of tariff reductions facilitating less and least developed country’s access to EU markets.

39
Q

Chapter 9

International Investement Agreements(IIAs)

A

Agreements between states to protect foreign direct investment between countries.

40
Q

Chapter 9

investor-state dispute settelment(ISDS)

A

Legal processes using tribunals that are outside the national and supranational court systems.

41
Q

Chapter 9

trade diversion

A

A change in trade pattern away from comparative advantages due to trade barriers.

42
Q

Chapter 9

development aid

A

A gift from generous donors wishing to help developing countries.

43
Q

Chapter 9

Kyoto Protocol

A

An agreement committing developed countries to limiting their greenhouse gas emissions.

44
Q

Chapter 9

Paris Agreement

A

An agreement in which countries make major commitments towards climate change goals.

45
Q

Chapter 9

Basel Commitee

A

A group of central bankers establishing standards for banking supervision.

46
Q

Chapter 9

risk ratings agencies

A

Agencies that assign ratings to assets such as bonds that indicate the level of riskiness of the asset.

47
Q

Chapter 9

black swan events

A

Rare events that occur only once in a generation.

Global Business (8 decks)

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