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Global Business Ida > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

European Union (EU):

A

The political and economic organization of 27 countries

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2
Q

Brexit:

A

The process of the UK leaving the EU

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3
Q

Free trade area (FTA):

A

A group of countries that remove trade barriers between themselves

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4
Q

Customs union:

A

A free trade area with common external tariffs for imports to the union

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5
Q

Common market:

A

An area with free trade movement of goods, services, capital and people

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6
Q

Economic union:

A

Countries coordinating their economic policies beyond the removal of tariffs
and quotas

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7
Q

Euro:

A

The currency of the European Monetary Union

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8
Q

Monetary Union:

A

Countries sharing a common currency and monetary policy

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9
Q

Political union:

A

Countries integrating major aspects of their political and economic affairs

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10
Q

Political union

A

Integration of economic and political affairs, shared political institutions such as parliament
=> UK, USA

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11
Q

Economic union

A

Integration of some economic policies, such as monetary policy and budget deficits
=> Euro zone

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12
Q

Common market

A

Free movement of goods, services people and capital
=> EU single market

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13
Q

Customs union

A

No internal tariffs, common external tariffs
=> EU-Turkey

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14
Q

Free Trade Area

A

Removal of most internal tariffs and quotas
=> NAFTA

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15
Q

No bilateral treaty

A

Their trade relations are governed by WTO (World Trade Organization) rules
=> EU vs USA

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16
Q

Council of Europe:

A

An international organization promoting human rights, democracy, and the rule of law in Europe, with 46 member states (as of 2024), including almost all European countries

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17
Q

European Convention on Human Rights:

A

A charter defining human rights in Europe

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18
Q

European Court of Human Rights:

A

An international court for human rights cases in Europe

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19
Q

Treaty of Rome

A

Create of the Council of Europe
=> 1949

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20
Q

European Convention of Human Rights

A

Codifying individual human rights; creation of European Court of Human Rights
=> 1950

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21
Q

Treaty of Paris

A

Established the European Coal and Steel Community
=> 1951

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22
Q

Treaties of Rome

A

Creation of the European Economic Community (EEC) and Euroatom
=> 1957

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23
Q

First direct elections to the European Parliament

A

Monitoring of EEC bureaucracy and its budget; co-decisions regarding European legislation
=> 1979

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24
Q

Schengen Convetion

A

Abolition of border controls. The agreement that laid basis for passport-free travel
=> 1985

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25
Single European Act
Creation of the European common market => 1986
26
Maastricht Treaty
Creation of the monetary union; extension of political cooperation EEC becomes European Union => 1992
27
Copenhagen Criteria
Conditions that new members have to fulfil to join the EU => 1993
28
Amsterdam Treaty
Further streamlining of decision-making processes; tidying up gaps in Maastricht Treaty => 1997
29
Bologna Declaration
Create of a single European higher educational area => 1999
30
Nice Treaty
The Treaty of Nice (2001) reformed EU institutions to prepare for eastern enlargement by: **Adjusting voting weights in the Council of the EU** (more votes for larger states) **Reforming the European Commission structure** (capping the number of Commissioners) **Extending qualified majority voting in some areas** **Making procedural reforms for efficiency** It’s often compared to the Amsterdam Treaty (1997) for failing to complete reform — which is why Nice was needed. Then came Lisbon (2007) to fix the fixes
31
(Constitution) EU Constitutional Treaty
The proposed EU Constitutional Treaty of 2004 aimed to consolidate existing treaties and introduce new institutional structures, but was never ratified after being rejected by France and the Netherlands
32
Lisbon Treaty
The Lisbon Treaty (signed in 2007, effective 2009) reformed the institutional structure of the European Union, simplified decision-making, and replaced the failed Constitutional Treaty
33
European Stability Mechanism
Organization of providing support for countries in financial difficulties => 2011
34
Central and Eastern Europe (CEE):
The common name used for the countries east of the former Iron Curtain
35
Comecon:
The pre- 1990 trading bloc of socialist countries
36
Economic transition:
The process of changing from a central lan to a market economy
37
Four freedoms of the EU single market:
Freedom of movement of people, goods, services and capital
38
Mutual recognition:
A product that is lawfully produced and sold in one EU member state must be allowed to be sold in any other member state, even if the product does not fully comply with the technical rules of the receiving country.
39
Harmonised sector:
Sectors of industry for which the EU has created common rules
40
Erasmus+ Programme:
An EU programme encouraging student mobility in Europe
41
Schengen Visa:
Visa giving no-citizens access to the Schengen area
42
EU and Schengen members in 1995:
Germany, Luxemburg, Spain, Protugal, Belgium, France, Italy, Netherlands
43
EU members that joined Schengen since 1995
Finland, Sweden, Denmark, Czech Rep., Austria, Hungary, Greece, Estonia, Latvia, Lithuania, Poland, Slovakia, Slovenia, Malta
44
EU and Schengen members retaining border controls
Ireland
45
Schengen members outside the EU
Norway, Iceland, Switzerland
46
EU members, Schengen not yet implemented
Croatia, Bulgaria, Romania
47
Competition policy:
policy governing the rules of the game in competition in a country
48
State aid:
Financial support from government to firms through e.g. subsidies or tax rebates
49
Subsidy competition:
Competition between governments trying to attract investors by offering subsidies
50
Eurozone:
The countries that have adopted the euro as their currency
51
European Central Bank (ECB):
The central bank for the eurozone
52
European Stability Mechanism (ESM):
A fund to support member countries with difficulties raising money on the capital markets
53
Optimum currency area:
A theory establishing criteria for the optimal size of an area sharing a common currency
54
European Council:
- Sets the overall political direction and priorities of the European Union - Made up of the heads of state or government
55
President of the European Council:
The person chairing the meetings 0f the European Council
56
Council of the European Union:
It’s one of the EU’s main legislative bodies, alongside the European Parliament. It represents the governments of the EU member states. Its members are national ministers, and which ministers attend depends on the policy area being discussed
57
European Commission:
It's the executive arm of the EU — meaning it implements EU policies, enforces EU law, and manages the day-to-day business of the Union. The flashcard says it's “similar to a national government,” and that’s broadly accurate in terms of function, but not structure or political authority (since it operates independently from member states).
58
Directorate General (DG):
A department of the Commission, similar to a ministry of a national government
59
President of the Commission:
The head of the EU’s executive, similar to a national prime minister
60
European Parliament:
The directly elected representation of European citizens
61
Members of the European Parliament (MEPs):
Parliamentarians directly elected by the citizens of the EU
62
European Court of Justice (ECJ):
The court system of the EU
63
Lobbying:
Making your views know to decision-makers with the am of influencing political processes

Global Business Ida (15 decks)

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