Orgs #3 Quiz Notes(1) - Orgs#3 Quiz Notes 3.7 EU European Union The EU is a trade block 27 member states GDP $16-$17 trillion a year EU biggest economy

Orgs #3 Quiz Notes(1) - Orgs#3 Quiz Notes 3.7 EU European...

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Orgs #3 Quiz Notes 3.7 EU: European Union The EU is a trade block 27 member states GDP: $16-$17 trillion a year EU- biggest economy on Earth The United States of Europe Why did the EU start in Europe? o WAR! o WWI, WW2, etc. o For most of history, this region has destroyed itself through war o They economically bonded themselves together so it will cost both parties money to attack each other o In 1951-1952, Europe had to be rebuilt after WW2 o Steel and coal was needed to rebuild o European Coal and Steel Community- ECSC 1951 Countries said they didn’t want to compete for these resources to rebuild Original 6- France, Germany, Italy, Belgium, Netherlands, Luxemburg o This union evolved over time o 1957- the ECSC merged with Atomic Energy Agency and created the EEC o EEC 1957- European Economic Community o 1993- The European Union title was adopted o Common currency, common economic policy, common parliament for the whole continent, common military procedures Why is the EU still growing? o More money!!! Why would the rich countries want to stay in the EU? o They all want to get richer too!!! o Even the largest European economies, such as Germany, could not compete with the United States or China by themselves o As a single economic union, Europe can compete with the other big boys EU has the free movement of goods and services EU has virtually no tariffs EU has free movement of labor and people o Phased out passports!!! EU has a singular constitution, singular court system, singular parliament, singular law, singular human rights policy, singular environmental policy, singular agricultural policy, singular infrastructure, singular monetary unit, and they are working on a singular military and a singular foreign policy The EU is now a legal, individual entity on its own The EU has a seat at the United Nations, G-20, and the WTO The EU has the authority to negotiate international treaties, foreign policy, etc.
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