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Economics of the EU and International Institutions > Unit 1.2 General Introduction > Flashcards

Unit 1.2 General Introduction Flashcards

1
Q

Having failed political integration together with.. (2)

A
  • …the Cold War between the blocs…
  • …and the success of the European Coal and Steel Community (ECSC)…
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2
Q

What was the result of the failed political integration for the 6 countries

A

This led the same six countries to expand cooperation to other economic
sectors and, thus, to broader economic integration

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3
Q

When was the Treaties of Rome?

A

1957

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4
Q

How were the Treaties of Rome signed in 1957?:

A
  • One created the European Atomic Energy Community (Euratom) (sectoral
    integration).
  • The other founded the European Economic Community (EEC) (general
    integration).
  • Common institutions were established for the 3 communities (including
    ECSC).
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5
Q

What was the main goal for the European Economic Community?

A

Building a common market was main goal

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6
Q

Building a common market was the main goal for European Economic Community. What are the characteristics of Free Trade Area (FTA)?

A

Removel of tariffs and quotas (quantitive restrictions) for imports between members.
National barriers to trade with third countries maintained: rules of origin to prevent trade defelction.

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7
Q

Building a common market was the main goal for European Economic Community. What are the characteristics of Customs Union (CU)?

A

FTA + Common trade/commercial policiy (inculding Common External Tariffs (CET). On trade with non-members

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8
Q

Building a common market was the main goal for European Economic Community. What are the characteristics of Common Market (single market)

A

CU + Free mobility of factors of production + Removal of non-tariff barriers/restrictions

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9
Q

Building a common market was the main goal for European Economic Community. What are the characteristics of Economic and Monetary Union?

A

CM + Common Monetary policy (and single currency) + Macroeconomic policy coordination.

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10
Q

European Economic Community: building a common market as main goal. What is Free trade in goods?

A

remove trade barriers such tariffs and quotas. Though other ways of
preventing free trade…

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11
Q

European Economic Community: building a common market as main goal. What is Common trade policy with the rest of the world?

A

Identical restrictions on imports from non-members

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12
Q

Ensuring true competition (removal of non-tariff barriers): (4)

A
  • State aid prohibited
  • Reducing anti-competitive behavior
  • Approximation of laws
  • Approximation of taxes (fiscal policy)
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13
Q

What is labor integration

A

Labor: freedom of movement and elimination on discrimination based on nationality

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14
Q

What is Capital integration?

A

Capital: rights of establishment and abolition of restrictions on capital flows.

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15
Q

After 1957 there has been continuous process of integration until the EU
we know today:
The building of the EU is marked by a twofold process, wich one:

A
  • Enlargement
  • Integration
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16
Q

What is Enlargement?

A

New member states

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17
Q

What is Integration?

A

from customs union to common market and economic and
monetary union

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18
Q

The process of building the EU (enlargement and integration) has been linked to the phases of the economic cycle. Which 2?:

A
  • In phases of growth, progress has been much faster.
  • While downturns have tended to the resurgence of protectionism.
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19
Q

Name the phases after the Treaties of Rome (according to economic cycles),
since we set the goal of a single market until today: (5)

A
  • 1958-1973
  • 1974-1984
  • 1985-1992
  • 1992-2007
  • 2008-today
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20
Q

Stages in the building of the EU. 1958-73 -> this was a period of economic growth.
Whap happend in 1968? explain:

A

It paved the way for a Customs Union in 1968 (before expected).
* Remove customs duties and quantitative restrictions. Common
commercial policy.
* Western Europe gained weight in the world economy.

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21
Q

During the period 1958-73 the custioms union in 1968 (before expected) happend. What were the main outlined policies? (2)

A
  • Agriculture (Common Agricultural Policy - CAP), transport,
    competition,
  • trade together with free movement of goods, services and people.
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22
Q

What was a key feature of the European Free Trade Association (EFTA) established in 1960?

A

It was a free trade organization allowing tariff removal among members but maintaining national trade policies with third countries.

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23
Q

Which countries initially made up the EFTA in 1960?

A

UK, Austria, Denmark, Norway, Portugal, Sweden, and Switzerland.

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24
Q

What was the purpose of the Werner Plan? 1958-73

A

It was an attempt to establish a Monetary Union among European nations, which ultimately failed

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25
Q

When did the first enlargement of the European Economic Community (EEC) take place, and which countries joined? 1958-73

A

In 1973, with the addition of the United Kingdom, Ireland, and Denmark.

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26
Q

Which country rejected EEC membership in a 1973 referendum?

A

Norway

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27
Q

What type of agreements did the EEC sign with third countries between 1958-1973?

A

Commercial agreements with Mediterranean countries, former colonies, and EFTA members.

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28
Q

How did EFTA countries’ relationships with the EU evolve? 1958-73

A

Many EFTA countries eventually became EU members

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29
Q

Stages in the building of the EU 1974-1984.
What was the Bretton Woods system established in 1944?

A

A monetary system where currencies were connected to the U.S. dollar, and the dollar was convertible to gold at a fixed rate of $35 per ounce.

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30
Q

Stages in the building of the EU 1974-1984
What change occurred after the end of Bretton Woods in 1971?

A

It was replaced by a free-floating currency system, where currency values were determined by market forces rather than being fixed to gold.

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31
Q

Stages in the building of the EU 1974-1984
What was one economic consequence of the end of Bretton Woods?

A

Increased economic instability due to fluctuating currency values.

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32
Q

Stages in the building of the EU 1974-1984
What triggered the economic crisis of the 1970s?

A

The oil crisis, when OAPEC countries restricted the global oil supply.

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33
Q

Stages in the building of the EU 1974-1984
What economic condition did the oil crisis lead to in the 1970s?

A

Stagflation, a combination of stagnant economic growth and high inflation.

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34
Q

Stages in the building of the EU 1974-1984
What was the initial attempt at stabilizing European currency exchange rates?

A

The European Monetary Snake (fluctuation bands).

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35
Q

Stages in the building of the EU 1974-1984
What system followed the European Monetary Snake in 1979?

A

The European Monetary System (EMS).

36
Q

Stages in the building of the EU 1974-1984
What currency unit was introduced under the European Monetary System?

A

The European Currency Unit (ECU).

37
Q

Stages in the building of the EU 1974-1984
What type of protectionist policies saw a resurgence during the postponement of the Economic and Monetary Union?

A

Non-tariff barriers, including physical, technical, and tax barriers, as well as restrictions on public contracts.

38
Q

Stages in the building of the EU 1974-1984
Why were tariffs not part of the protectionist policies in the CU (Customs Union)?

A

Tariffs were not allowed in the Customs Union.

39
Q

Stages in the building of the EU 1974-1984
Which country became a member of the European Community during the postponement of the Economic and Monetary Union?

A

Greece, in 1981

40
Q

Stages in the building of the EU 1985-92
What economic trend coincided with the boosting of EU integration from 1985-1992?

A

An upward trend in the economic cycle.

41
Q

Stages in the building of the EU 1985-92
What document did the Commission release in 1985 to address the lack of free trade?

A

The Commission’s White Paper on reforming the Common Market.

42
Q

Stages in the building of the EU 1985-92
What was the main goal of the 1985 White Paper on the Common Market?

A

The removal of non-tariff barriers (NTBs).

43
Q

Stages in the building of the EU 1985-92
What was the purpose of the Single European Act (SEA) in 1986?

A

To create a single market or common market by 1992.

44
Q

Stages in the building of the EU 1985-92
What did the Single European Act (SEA) strengthen besides economic integration?

A

Economic and social cohesion, boosting cohesion policy

45
Q

Stages in the building of the EU 1985-92
What new areas of policy were included in the SEA beyond agriculture, transport, and competition?

A

Regional, industrial, research and technological development, environment, and social development.

46
Q

Stages in the building of the EU 1985-92
What change did the SEA introduce regarding voting in the European Council?

A

More qualified-majority voting, requiring a minimum number of countries and EU population, instead of just a simple majority.

47
Q

Stages in the building of the EU 1985-92
What was one significant impact of the SEA on the European Parliament?

A

It reinforced the Parliament’s role, making it the most democratic EU institution.

48
Q

Stages in the building of the EU 1985-92
Which countries became new members in 1986?

A

Spain & Portugal

49
Q

Stages in the building of the EU 1985-92
What did the Delors Report (1989)?

A

The Delors Report (1989) laid out the blueprint for the foundation
of a European Economic and Monetary Union.

50
Q

Stages in the building of the EU 1985-92
What event symbolized the collapse of communism across Central and Eastern Europe in 1989?

A

The fall of the Berlin Wall, leading to the unification of Germany.

51
Q

Stages in the building of the EU. 1992-07
What was the significance of the Maastricht Treaty (1992)?

A

It was the second major amendment to the Treaties of Rome, establishing the Treaty of the European Union and a three-pillar structure.

52
Q

Stages in the building of the EU. 1992-07
What was the structure of the Maastricht Treaty’s three pillars?

A
  • First pillar: Based on the integration method (European Community: ECSC + EEC + Euratom).
  • Second and third pillars: Based on intergovernmental policies, including Common Foreign and Security Policy (CFSP) and Police and Judicial Cooperation in Criminal Matters.
53
Q

Stages in the building of the EU. 1992-07
Until when did the three-pillar structure established by the Maastricht Treaty last?

A

Until 2009, when the Treaty of Lisbon came into effect.

54
Q

Stages in the building of the EU. 1992-07
What treaty was signed in 1992 to establish the European Union?

A

The Maastricht Treaty was signed in 1992, formally establishing the European Union.

55
Q

Stages in the building of the EU. 1992-07
What are the three main pillars established by the Maastricht Treaty?

A

The Maastricht Treaty established three pillars:

1.The European Communities (EC),
2.Common Foreign and Security Policy (CFSP),
3.Justice and Home Affairs (JHA).

56
Q

Stages in the building of the EU. 1992-07
When did the euro become an official currency?

A

The euro became an official currency in 1999 for electronic transactions and in 2002 for cash.

57
Q

Stages in the building of the EU. 1992-07
What was the purpose of the Amsterdam Treaty signed in 1997?

A

The Amsterdam Treaty aimed to reform EU institutions in preparation for eastward expansion and to increase cooperation on areas such as foreign policy, security, and justice.

58
Q

Stages in the building of the EU. 1992-07
Which treaty reformed the EU’s decision-making process and expanded the use of Qualified Majority Voting?

A

The Treaty of Nice (2001) reformed the decision-making process and expanded the use of Qualified Majority Voting.

59
Q

Stages in the building of the EU. 1992-07
What was one of the main goals of the Treaty of Lisbon, signed in 2007?

A

One of the main goals of the Treaty of Lisbon was to improve the EU’s efficiency and decision-making, particularly with an expanded membership.

60
Q

Stages in the building of the EU. 1992-07
What were the 3 significant economic implications Maastricht Treaty faced?

A
  • Set the criteria required to enter the last stage of the European
    Monetary Union (EMU) and adopt euro as a currency.
  • Single Market was largely achieved in 1993 (free movement of
    goods, services, people and capitals)
  • European Economic Area with EFTA except Switzerland (1994)
    was formed —> enabled non-EU countries to access the single
    market (goods, services, capital and workforce); more than a
    Free Trade Area
61
Q

Stages in the building of the EU. 1992-07
What significant step did the EU take regarding Eastern and Central European countries in the mid-1990s?

A

The EU opened negotiations for an upcoming enlargement to countries in Eastern and Central Europe.

62
Q

Stages in the building of the EU. 1992-07
What treaty was signed in 1997 and became effective in 1999 to amend the Maastricht Treaty?

A

The Amsterdam Treaty was signed in 1997 and became effective in 1999 to amend the Maastricht Treaty.

63
Q

Stages in the building of the EU. 1992-07
What were two areas of progress emphasized in the Amsterdam Treaty?

A

The Amsterdam Treaty advanced social policy and established a coordinated strategy for employment.

64
Q

Stages in the building of the EU. 1992-07
What was a key criticism of the Amsterdam Treaty regarding EU institutional reform?

A

The Amsterdam Treaty made insufficient institutional reforms to prepare for the upcoming enlargement.

65
Q

Stages in the building of the EU. 1992-07
What did the Treaty of Nice do? (signed 2001, effective in 2003)

A
  • Reformed the institutional structure of the EU to deal with the 5th
    enlargement (still not enough).
  • Something that the Treaty of Amsterdam had failed to
    accomplish.
66
Q

Stages in the building of the EU. 1992-07
Name the split of the 5th enlargement in 2 steps

A
  • In 2004, ten new countries joined the EU: Estonia, Latvia,
    Lithuania, Poland, Czech Republic, Slovakia, Hungary, Slovenia,
    Cyprus and Malta
  • In 2007, Bulgaria and Romania joined in.
67
Q

Stages in the building of the EU. 1992-07
What major economic integration effort took place in this period?

A

Monetary integration took place during this period, with steps toward a unified currency for the EU.

68
Q

Stages in the building of the EU. 1992-07
When were the European Central Bank (ECB) and the European System of Central Banks (ESCB) established?

A

The European Central Bank (ECB) and the European System of Central Banks (ESCB) were established in 1998 and started exercising their powers in 1999.

69
Q

Stages in the building of the EU. 1992-07
When was the euro introduced for electronic transactions?

A

The euro was introduced for electronic transactions in 1999.

70
Q

Stages in the building of the EU. 1992-07
In what year did the euro replace national currencies and come into physical circulation?

A

The euro replaced national currencies and came into physical circulation in 2002.

71
Q

Euro came into circulation in 2002 replacing national currencies. -> How many countries?

A
  • 12 countries.
  • 7 more have subsequently joined afterwards.
  • 20 countries in 2023
72
Q

Stages in the building of the EU. 1992-07
What was the Treaty of Lisbon, and when did it come into effect?

A

The Treaty of Lisbon was signed in 2007 and came into effect in 2009. It provided the EU with modern institutions and more efficient working methods.

73
Q

Stages in the building of the EU. 1992-07
Why did the Treaty of Lisbon come about?

A

The Treaty of Lisbon came after the failure to approve a Constitution for the EU in 2004-2005, which was rejected by France and the Netherlands.

74
Q

Stages in the building of the EU. 1992-07
How did the Treaty of Lisbon impact the Council of the EU’s voting process?

A

The Treaty of Lisbon introduced a shift from unanimity to qualified majority voting in several policy areas within the Council of the EU.

75
Q

Stages in the building of the EU. 1992-07
What changes did the Treaty of Lisbon make to the European Parliament’s power?

A

The Treaty of Lisbon strengthened the European Parliament, giving it more power in the legislative process.

76
Q

Stages in the building of the EU. 1992-07
What structural and legal changes did the Treaty of Lisbon introduce to the EU?

A

The Treaty of Lisbon consolidated the EU’s legal personality, abolished the European Community, merged the first and third pillars, and abandoned the three-pillar structure.

77
Q

Stages in the building of the EU. 1992-07
What new leadership roles were created by the Treaty of Lisbon?

A

The Treaty of Lisbon established the role of a long-term President of the European Council and a High Representative of the Union for Foreign Affairs and Security Policy.

78
Q

Stages in the building of the EU. 2008-today
What major economic events have affected the EU since 2008?

A

The EU has faced an economic crisis since 2008, with another crisis in 2020 due to the COVID-19 pandemic.

79
Q

Stages in the building of the EU. 2008-today
Which country joined the EU in 2013?

A

Croatia joined the EU in 2013.

80
Q

Stages in the building of the EU. 2008-today
When did the UK leave the EU, and what agreement was made to manage the separation?

A

The UK left the EU in January 2020. The Trade and Cooperation Agreement, which entered into force in 2021, established a free trade area, citizens’ security, and a governance framework.

81
Q

Stages in the building of the EU. 2008-today
What was the EU’s response to the COVID-19 crisis?

A

The EU introduced a recovery plan for Europe as a response to the COVID-19 crisis (see Unit 6).

82
Q

Stages in the building of the EU. 2008-today
What debate has emerged within the EU regarding its future direction?

A

There is an ongoing debate on deepening integration among current EU members versus pursuing further enlargement to increase the EU’s territorial reach and influence.

83
Q

Stages in the building of the EU. 2008-today
What recent events have further impacted the EU economically and politically?

A

The war in Ukraine and the resulting living-cost crisis have further impacted the EU.

84
Q

What are exclusive competences in the EU?

A

Exclusive competences are areas where only the EU can legislate and adopt decisions, with no intervention from Member States unless authorized by the EU.

85
Q

What are shared competences in the EU?

A

Shared competences are areas where both the EU and Member States share the power to legislate and make decisions, with most EU competences falling into this category (e.g., freedom, security, and justice).

86
Q

What are complementary/supporting competences in the EU?

A

Complementary/supporting competences involve the EU supporting, coordinating, or complementing actions by Member States. They do not allow for harmonization of national laws and regulations.

Economics of the EU and International Institutions (2 decks)

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