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European Union
Seminar on the European Union
36
History
05/07/2010

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Term
EMU
Definition
Economic Monetary Union
Term
EMU Objective
Definition
Create an integration of the European economies; will promote GROWTH, STABILITY, PROSPERITY, and HIGH LEVELS OF EMPLOYMENT.
Term
Monetary Union
Definition
Single currency called the "Euro"
Term
All member countries take part in the ____, but only 16 countries have so far adopted the ____.
Definition
EMU, Euro
Term
Stage 1 of the EMU:
Definition
1990: Free movement of capital
Term
Stage 2 of the EMU:
Definition
1994: Coordination of economic policy starts, ECB- European Central Bank.;1997: The Stability and Growth Pact.
Term
Stage 3 of the EMU:
Definition
1999- Birth of the Euro, 2002: Circulation of the Euro notes and coins.
Term
Adopting the Euro:
Definition
All members must meet criteria regarding:
-EXCHANGE RATE STABILITY
-INTEREST RATES
-INFLATION
-BUDGET DEFICIT
-DEBT TO GDP RATIO
Term
Arguments FOR the Euro
Definition
-Easier for both individuals and companies
-Exchange rate fluctuation risks disappear
-Devaluations and protectionism stops
-More attractive opportunities for foreign investors
-Provides a single market for financial operators
Term
Arguments AGAINST the Euro
Definition
-Less individual control over inflation, interest and exchange rates
-Impossible to do protective devaluations if an economic crisis occurs
-Loss of identity- symbol of a country
-Loss of independence- financial and monetary policy
Term
What are the four freedoms of movement in the EU Internal Market?
Definition
GOODS, SERVICES, PEOPLE, CAPITAL
Term
Examples of free movement of GOODS:
Definition
-Customs union
-No border controls
-Common statistics
-Common trade policy
Term
Examples of free movement of SERVICES and CAPITAL:
Definition
-Liberalization of telecommunications, postal services, energy sector
-Common transport policies
-Financial services, savings, investments, loans, transfers
-The right to buy property and companies, freedom of establishment
Term
Examples of free movement of PEOPLE:
Definition
-No passport checks at most of the internal borders
-Right to live, work, and study anywhere within the EU
-Educational diplomas and job qualifications obtained within the EU are recognized in all others
-Retire where you want and take your pension with you
Term
Why is effective competition crucial to market economy?
Definition
It cuts prices, raises quality and expands customer choice. The European Commission has wide powers to regulate that this competition occurs.
Term
The EU competition policy consists of:
Definition
-Antitrust and cartels
-Merger control
-Liberalization
-State aids
Term
The Internal Market needs work in the following areas:
Definition
-The service sector (it is slow and hard to harmonize)
-Protection at another level is required to prevent piracy and counterfeiting of genuine EU products.
-Taxation rules are hard to harmonize.
-Rule of law- not always accepted, and the control is inadequate at times
-Hard to agree on standardization
Term
What is the #1 goal of the EU?
Definition
PEACE
Term
There are __ countries in the EU, with __ official languages.
Definition
27, 23
Term
Copenhagen criteria:
Definition
Criteria to become a candidate for the EU:
-Political: Stable institutions guaranteeing democracy, the rule of law, human rights, and respect for protection of minorities.
-Economic: Must have a functioning market economy and be able to cope with competitive pressure and market forces within the EU.
-Must take on the ACQUIS COMMUNAUTAIRE (the entire body of EU law)
Term
First pillar:
Definition
Community domain (most of the common policy areas)
-Customs union
-Agricultural policy
-Structural Policy
-EU Citizenship
-Health
Term
Second pillar:
Definition
Common foreign and security policy
-Peacemaking
-Human rights
-Democracy
-Aid to non-member countries
-Disarmament
Term
Third pillar:
Definition
Police and judicial co-operation in criminal matters
-Police cooperation
-Fighting terrorism
-Criminal acts against children, trafficking in human beings
-Fighting organized crime
-Fighting drugs and the arms trade
Term
The base of the EU House is...
Definition
THE TREATIES
Term
What four treaties is the EU founded on?
Definition
European Coal and Steel Community (ECSC), European Economic Community (EEC), European Atomic Energy Community (EURATOM), European Union (EU)
Term
What are the five institutions of the EU?
Definition
-Council of the European Union
-European Commission
-European Parliament
-Court of Justice
-Court of Auditors
Term
The institutional triangle includes...
Definition
European Parliament: Represents the EU's citizens directly [elected].
Council of the European Union: Represents the member states.
European Commission: Seeks to uphold the interest of the Union as a whole.
Term
Five important bodies of the EU:
Definition
European Economic and Social Committee: Expressed the opinions of organized civil society on economic and social issues.
Committee of the Regions: Expressed the opinions of regional and local authorities.
European Central Bank: Responsible for monetary policy and managing the Euro.
European Ombudsman: Deals with citizens; complaints about maladministration by any EU institution or body.
European Investment Bank: Helps achieve EU objectives by financing investment projects.
Term
-EU's main decision-making body
-Represents the member states
-Ministers from each state attend
-The issue at hand depends which ministers attend. Ex: If an environmental issue is up to discuss, the Environment Minister will attend.
-The "General Affairs and External Relations Council" deals with the EU's relations with the rest of the world.
-Nine different configurations
-COREPER (The premanant Representatives Committee- member states ambassadors to the EU)
-Council Presidency rotates every six months
Definition
The Council of the EU (Council of Ministers)
Term
Council's responsibilities:
Definition
-To pass EU laws, many times it works jointly with the Parliament in doing so
-Coordinate the broad economic policies of member states
-Concludes international agreements between the EU and other states or international organizations.
-To approve the EU budget alongside Parliament
-To develop the Eu's Common Foreign and Security Policy (CFSP)
-To coordinate cooperation between the national courts and police forces in criminal matters
Term
Commission:
Definition
-Politically independent institution, upholds interests of Eu as a whole
-27 commissioners (one from each country)
-24,000 administrative officials such as experts, translators, interpretors, secretarial staff, etc.
-Proposes legislation to Parliament and the Council
-Manages and implements EU policies and budget
-Enforces European law (jointly with the Court of Justice)
-Represents the EU on the international stage
Term
Parliament:
Definition
-Directly elected by the citizens
-Elections are held every five years
-Shares the power to legislate with the Council
-Exercises democratic supervision over all EU institutions, in particular, the Commission.
-Shares with the Council authority over the EU budget; at the end, it may adopt or reject the budget in its entirety.
Term
Court of Justice:
Definition
-Ensures that all EU legislation is interpreted and applied
-Settles legal disputes between member states, EU institutions, businesses and individuals.
-Court is composed of one judge from each member state
Term
Court of Auditors:
Definition
Checks that all the Union's revenue has been received and all its expenditure incurred in a lawful and regular manner and that the Eu budget has been managed soundly.
Term
Three procedures for enacting laws:
Definition
-Codecision
-Consultation
-Assent
Term
Parliament and the Council share legislative power > Commission sends its proposal to both institutions. They read and discuss it twice in succession. If they cannot agree on it, it is put before a "conciliation committee", composed of equal numbers of Council and Parliament representatives.
Definition
Codecision-making Procedure