European Union - i EU 1 European parliament court of...

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Europe Regional trading blocks a. EU b. EFTA 2. History of the trading blocks a. How were they formed i. EU 1. Formed to remove trade barriers for coal, iron, steel, and scrap metal after WWII ii. EFTA 1. Focus in industrial, not consumer goods b. When did they come into existence i. EU 1. 1945 ii. EFTA 1. 1960 c. Major Legislation / Treaties i. Single European Act – in effect in 1987 - remove barriers increase harmonization - led to customs union and later common market status ii. Maastricht Treaty – in effect in 1993 – created economic union and Euro currency in 1999 d. Who are the members i. EU 1. Austria, Belgium, Britain, Bulgaria, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Greek Cyprus (southern portion), Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Sweden
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ii. EFTA 1. Iceland, Liechtenstein, Norway, Switzerland e. Structure
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Unformatted text preview: i. EU 1. European parliament, court of justice, court of auditors, council of the European union, European commission (in a triangle) ii. EFTA 1. NA 3. What level of integration does the trading block have a. Defend i. EU 1. Started as Free trade, industrial 2. Currently, Economic Union ii. EFTA 1. Free trade 4. advantages or achievements of the groups a. EU i. Created the euro, single currency ii. Harmonized regulations, strive for lower barriers b. EFTA i. Created the EEA to cooperate on trade matters and other areas, including the environment, social policy, and education 5. Disadvantages a. EU i. With the single currency it eliminates financial gains to Europe up to .5%GDP ii. Makes it difficult to charge different prices in markets in the other countries iii. Shoppers feel the need not to travel for expensive items b. EFTA i. small...
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