Flashcards in Single Market Deck (10):
1. 1951 - ECSC
2. Treaty of Rome - Creation of the EEC (= Customs Union) + Free movement of persons, services and capital
3. Acceleration Agreement
4. Empty-chair crisis
5. Stagflation - Many non-tariff barriers emerge
6. Snake-in-the-tunnel strategy - Fails
7. 1978 - The European Council in Bremen creates the EMS (MS link their currencies to avoid too much difference) and the ERM
9. Delors Commission
10. SEA - Introduction of QMV
11. Issues in transposition, enforcement, certain controversial issues...
1. Maastricht Treaty - Creation of the single market + Convergence criterion
2. Most MS cannot reach the criterion
3. Germany wins most fights against FR (Name of the currency, geographical position of the ECB) but France gets to have his candidate for the 1st President of the ECB
4. Maastricht criterion shall be permanent - Failed because still too discretionary
1. 2006 - Services Directive, freedom of services is much easier - When there is no EU standard, the national standard applies
2. Eurozone crisis - Failure of states to follow rules - Failure of EU institutions to implement the rules - The rules themselves are too weak - Lack of political, economic and fiscal integration
3. Greece has a budget deficit way higher than reported
4. 2011 - The ECB injects money into Europe's struggling banks + Outright Monetary Transactions (pledge to take over the sovereign debt)
5. ESM of €500 billion is set up
What were the French and German positions regarding the single market?
1. FR - Wanted a monetary union, accountable to the MS, but GR won because FR was busy with Algeria and Suez Canal
2. GR - Wanted an economic union, independent
What were the reasons for the single market?
1. To avoid national protectionism
2. To avoid war
3. To promote economic expansion - The Marshall Plan had stopped so the EU needed to get bigger to compete
What areas were problematic?
1. Tax harmonisation and company law - The idea was to avoid a lot of regulations and paperwork in each MS, but this was considered to be the door to reach more politically sensitive areas (like public services) and was never included
2. Telecommunications and energy - Heavily supported by national governments, strong monopolies - Originally excluded but included later on
3. Services - Vocal political opposition - Because of the ‘country-of-origin’ principle (from Cassis de Dijon) - Employers and trade unions from countries which had higher wages and conditions of service were alarmed - The Commission removed the ‘country-of-origin’ principle - Instead, they have been regulating everything at EU level
What would be the consequences of Brexit for the Single Market for the EU?
1. Politically weakened
3. Germany will become the big leader
What would be the consequences of Brexit for the Single Market for the UK?
1. Decrease of exports
2. Employment issues where there is a lack of skilled workers in the UK
3. Delays at borders
4. Complex trade agreements take time
5. Less imports and exports
6. Decrease in overall welfare
Theresa May said they will leave the single market and the customs union.
What are the key points of Juncker's State of the Union 2017?
1. To complete an Energy Union, a Capital Markets Union, a European Social Standards Union, a Digital Single Market and a Banking Union - To expand it to every MS, and that every MS adopts the Euro
2. More trade agreements with Mexico and Latin America
3. To protect the external borders better
4. Stronger single market - More QMV
5. For the ESM to transform to a European Monetary Fund which will be permanent and applicable to Eurozone MS