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Flashcards in Définitions Deck (20):
1

The Treaty of Lisbon (5P)

- Modernise how the EU functions
- Make decision making more flexible
- Adapt the rules of the existing treaties.
- Reforms the architecture of the union.
- Strengthens the union's external representation.

2

The European Ombudsman (4P)

- Established by the treaty of Lisbon.
- The current Ombudsman is Islan.
- Appointed by aye European Parliament (5y).
- Any European citizen may appeal to the Ombudsman to investigate a European institution on the grounds of maladministration.

3

The Schengen Area

- group of 26 European countries that have abolished passport and immigration controls at their common borders.
- It functions as a single country for international travel purposes with a common visa policy.
- Joining Schengen entails eliminating internal border controls with the other Schengen members while strengthening external border controls with non-Schengen states.

4

The Eurozone

- Refers to a currency union among the EU member states that have adopted the euro as their sole official currency.
- It has 19 member states (the latest member being Lithuania(2015) and it is the largest economy in the world.

5

The stability and growth pact

- Agreement among the 28 member states to facilitate and maintain the stability of the Economic and Monetary Union.
- It consists of fiscal monitoring and a yearly recommendation for policy actions to ensure a full compliance with the SGP.
- If a member breaches the limit for government deficit and debt: the surveillance and request for corrective action will intensify (through the Declaration of an Excessive Deficit Procedure).
- If no corrective action is taken: economic sanctions.

6

The CAP

The Common Agricultural Policy is a system of European Union agricultural subsidies and programmes.

7

Agricultural subsidy

is a sum of money paid to farmers or agrobusiness to:
- supplement their income,
- manage the supply of agricultural commodities
- influence the cost and supply of such commodities (coton, milk, rice, sugar, tobacco…)

8

International trade

Exchange of goods, capital, and services across international boundaries or territories.

9

NAFTA

North American Free Trade Agreement. Signed in 1994 between the USA, Mexico and Canada. It is the most comprehensive regional trade agreement ever negotiated by the USA.

10

MERCOSUR

Mercado comun del Sur. Signed between Argentina, Brazil, Uruguay, Paraguay (early 1990’s).
- June 2012: Paraguay is suspended and replaced by Venezuela.
- It has become the 3rd largest market in the world after NAFTA and the EU.

11

Free trade

is a market model in which trade in goods and services between or within countries flow unhindered by government-imposed restrictions to trade include taxes and other legislation, such as tariff and no-tariff trade barriers.

12

Protectionism

is the economic policy of restraining trade between nations;
- through methods such as high tariffs on imported goods, restrictive quotas to discourage imports.

13

The WTO

The World Trade Organization is an organization that intends to supervise and liberalize international trade.

14

The Doha Round/Development Agenda

is a round of negotiation, which started in November 2001 in Doha, Qatar.
- Objective: to lower trade barriers around the world permitting free trade between countries of varying prosperity.
- Talks are difficult because of a divide between the developed nations and the developing countries.
- Several meeting took place and in 2011 David Cameron called for an end of the Doha Round.

15

Fair trade

is a trading partnership, based on dialogue, transparency, respect, and greater equity in international trade.
- It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers - especially in the South.

16

Trade blocs

Groups of countries that have established special preferential arrangements governing trade between members.

17

Free-Trade areas

a group of countries that promote free trade between member nations, but permit each nation to maintain its own, and perhaps different, trade restrictions with non-members.

18

Customs Union

is a group of countries that eliminates trade barriers among members, but maintains a common external tariff on trade with non-members.

19

Common Market

is a customs union which also attempts to develop a common policy in matters other than international trade.

20

Economic union

This is the final step toward full economic integration.
An economic union is a common market plus.
It involves the harmonization of national tax codes, labour standards, the creation of a common currency, and the establishment of an areawide central bank to conduct monetary policy.