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45-handout-1 - Geoff Riley (tutor2u) Europe an Ever Larger...

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Geoff Riley (tutor2u) Europe an Ever Larger Union February 2011 www.tutor2u.net 1 An Ever Larger Union Enlargement of the EU Single Market A2 Economics: Global and European Context Issues (Geoff Riley, February 2011) The Map of Europe The EU is now the largest integrated economic area in the world, accounting for more than 30% of world GDP and more than 17% of world trade
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Geoff Riley (tutor2u) Europe an Ever Larger Union February 2011 www.tutor2u.net 2 Expanding the Single Market First Expansion 1973: UK, Ireland and Denmark Mediterranean Spirit 1981: Greece 1986: Portugal and Spain Entry of the Neutrals 1995: Austria, Finland and Sweden The Big Bang 2004: Latvia, Lithuania, Cyprus, Malta, Slovenia, Slovakia, Estonia, Hungary, Czech Republic, Poland 2007: Bulgaria and Romania Backward agrarian sectors?
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Geoff Riley (tutor2u) Europe an Ever Larger Union February 2011 www.tutor2u.net 3 Or countries and cities of deep cultural and political interest Many new EU countries offer surprises
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Geoff Riley (tutor2u) Europe an Ever Larger Union February 2011 www.tutor2u.net 4 And lead the way towards a low carbon economy Benefits of EU Membership Trade and Investment •Free trade access to richer EU markets •Attract inward capital investment EU funding •Farm support (but at lower rate than ‘Old EU’) Macroeconomic stability • Commitment towards joining single currency •Must be fully fledged market economies to join
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Geoff Riley (tutor2u) Europe an Ever Larger Union February 2011 www.tutor2u.net 5 How have “New Europe” nations performed since EU entry ? There are many indicators we can look at: 1. Volume /balance of trade within the EU 2. Economic growth rates and cyclical volatility 3. Relative productivity levels 4. Relative per capita incomes 5. Unemployment rates 6. Consumer price inflation 7. External trade and investment balances Dining at the Rich Man’s Table Exports of goods and services, annual value Euro billions Slovakian Exports to the UK Source: EuroStat 99 00 01 02 03 04 05 06 07 08 09 billions 0.0 0.5 1.0 1.5 2.0 2.5 EUR (billions) 0.0 0.5 1.0 1.5 2.0 2.5
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Geoff Riley (tutor2u) Europe an Ever Larger Union February 2011 www.tutor2u.net 6 Exports as a share of GDP Per cent Exports of goods and services as a share of GDP United Kingdom Slovak Republic Slovenia Czech Republic Poland Source: Reuters EcoWin 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 20 30 40 50 60 70 80 90 100 110 120 130 140 % 20 30 40 50 60 70 80 90 100 110 120 130 140 Trade Balance as share of GDP Balance of Trade as a share of GDP Trade Balance in Goods and Services Slovak Republic Czech Republic Estonia United Kingdom Source: Reuters EcoWin 00 01 02 03 04 05 06 07 08 09 -30 -25 -20 -15 -10 -5 0 5 10 -30 -25 -20 -15 -10 -5 0 5 10
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This note was uploaded on 02/08/2012 for the course ECO 51844 taught by Professor Sabet during the Spring '11 term at FIU.

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45-handout-1 - Geoff Riley (tutor2u) Europe an Ever Larger...

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