Tutorial 6 Flashcards
Chapter 8
customs union
A free trade area with common external tariffs for imports to the union
Chapter 8
common market
An area with free movement of goods, services, capital and people.
Chapter 8
economic union
Countries coordinating their economic policies beyond the removal of tariffs and quotas.
Chapter 8
political union
Countries integrating major aspects of their political and economic affairs.
Chapter 8
Treaty of London
- September 1949
- Creation of the council of europe
- Independent of the EU
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European convention of human rights
- 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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Treaty of Paris
- April 1951
- European coal and steel community ECSC
- In force 1952, now defunct
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Treaties of Rome
- 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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First direct elections to the European Parliament
- 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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Schengen Convention
- June 1958
- Abolition of border controls
- Implemented 1995
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Single European Act
- February 1989
- Creation of the European common market
- Common market effective January 1, 1993
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Maastricht Treaty
- February 1992
- Creation of the monetary union; extension of political cooperation, EEC becomes European Union (EU
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Copenhagen Criteria
- June 1993
- Conditions that new members have to fulfil to join the EU
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Amsterdam Treaty
- Ocotober 1997
- Further streamlining of decision- making processes; tidying up gaps in Maastricht Treaty
- In force 1999
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Bologna declaration
- June 1999
- Creation of a single European higher educational area
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Nice treaty
- February 2001
- Further streamlining of decision- making processes; realignment of voting power
- In force 2003
Chapter 8
Constitution
- October 2004
- Integrating the treaties; creating new structures and policy areas
Chapter 8
Lisbon treaty
- December 2007
- Integration of agreements; simplification of institutions
- In force December 2008
Chapter 8
European stability mechanism
- December 2011
- Organization providing support for countries in financial difficulties
- September 2012
Chapter 8
Comecon
The pre-1990 trading bloc of socialist countries.
Chapter 8
economic transition
The process of changing from a central plan to a market economy.
Chapter 8
four freedoms of the EU single market
Freedom of movement
of people, goods, services and capital
Chapter 8
mutual recognition
The principle that products recognized as legal in one country may be sold throughout the EU.
Chapter 8
subsidiarity
The EU takes action only if it is more effective than actions taken at lower levels.
Chapter 8
harmonized sector
Sectors of industry for which the EU has created common rules
Chapter 8
state aid
Financial support from government to firms through, e.g. subsidies or tax rebates.
Chapter 8
subsidy competition
Competition between governments trying to attract investors by offering subsidies.
Chapter 8
lobbying
Making your views known to decision-makers with the aim of influencing political processes.
Chapter 9
multilateral organizations
Organizations set up by several collaborating countries.
Chapter 9
General Agreement on Tarrifs and Trade(GATT)
A multilateral agreement governing the international trade of goods (merchandise).
Chapter 9
General Trade on Trade in Services
A WTO agreement governing the international trade of services.
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non-discrimination principle
A principle that a country cannot discriminate among its trading partners (also known as most favoured nation principle).
Chapter 9
compulsory licensing
Licences issued by a national government in an emergency without agreement of the licence owner.
Chapter 9
WTO dispute settelment agreement
A procedure of the WTO
to resolve conflicts between governments over trade-related matters.
Chapter 9
free trade agreements(FTAs)
A group of countries that remove trade barriers among themselves.
Chapter 9
deep trade agreements
An FTA that covers
more than removal of tariffs, quotas and export promotion.
Chapter 9
regional FTAs
A free trade agreement between countries in the same region of the world.
Chapter 9
Generalized System of Prefrences
A system of tariff reductions facilitating less and least developed country’s access to EU markets.
Chapter 9
International Investement Agreements(IIAs)
Agreements between states to protect foreign direct investment between countries.
Chapter 9
investor-state dispute settelment(ISDS)
Legal processes using tribunals that are outside the national and supranational court systems.
Chapter 9
trade diversion
A change in trade pattern away from comparative advantages due to trade barriers.
Chapter 9
development aid
A gift from generous donors wishing to help developing countries.
Chapter 9
Kyoto Protocol
An agreement committing developed countries to limiting their greenhouse gas emissions.
Chapter 9
Paris Agreement
An agreement in which countries make major commitments towards climate change goals.
Chapter 9
Basel Commitee
A group of central bankers establishing standards for banking supervision.
Chapter 9
risk ratings agencies
Agencies that assign ratings to assets such as bonds that indicate the level of riskiness of the asset.
Chapter 9
black swan events
Rare events that occur only once in a generation.
