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The European Union

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The European Union By Jack Duong Julia Inoue Nancy Phong What is the European Union? A supranational & intergovernmental union of nation-states in Europe. – PowerPoint PPT presentation

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Title: The European Union


1
The European Union
  • By
  • Jack Duong
  • Julia Inoue
  • Nancy Phong

2
What is the European Union?
  • A supranational intergovernmental union of
    nation-states in Europe.
  • Established in 1992 by the Treaty on European
    Union (EU).
  • Currently has 27 member countries.
  • Largest political economic entity in Europe w/
    493 million people.
  • GDP of 10.5 trillion.

3
About the European Union
  • Has its own currency (the euro) adopted by 13
    countries.
  • Citizens of EU directly elect the European
    Parliament, once every 5 yrs.
  • They are allowed to live, travel, work, invest
    in other member countries.

4
History of the European Union
  • Evolved from a western European trade body.
  • After WWII, cooperation formed between countries
    determined to rebuild Europe eliminate the
    possibility of another WW.
  • May 9, 1950 Robert Schuman proposed joint
    management of France West Germanys coal
    steel industries, a.k.a. the Schuman
    Declaration.

5
Robert Schumans Schuman Declaration
  • Lead to the first concrete step towards a
    European federation.
  • Was considered the beginning of the creation of
    the EU.
  • Robert Schuman

6
Why did the European Union form?
  • Formed because of WWII.
  • The EU idea was born because Europeans were
    determined to prevent such killing destruction
    from ever happening again.
  • Earlier years, cooperation was between 6
    countries mainly about trade the economy.

7
Reasons for Starting the European Union
  • To deal w/ a wide range of issues of direct
    importance for our everyday life.
  • To defend the shared values of Europe such as
    democracy, freedom, social justice.
  • To promote unity ensure that decisions are
    taken as close as possible to citizens.
  • To preserve diversity.

8
Reasons for Starting the European Union
  • Encourages every European citizen to work
    together from other countries in a spirit of
    curiosity, openness solidarity.
  • EU Flag

9
Britain joining the Eurozone
(ICM polls for the Guardian and the News of the
World)
10
Reasons
  • National pride.
  • The U.K. Treasury pride.
  • Strength of the sterling.

11
Key Points for Joining
  • A single currency would be of benefit in terms of
    trade, transparency costs and currency stability.
  • Membership is in the national interest and there
    is popular consent.
  • Treasury's comprehensive and rigorous assessment
    of the five economic tests.
  • Whenever the decision to enter is taken by the
    British government, it should be put to a
    referendum of the British people.

12
The 5 Tests
  • Are business cycles and economic structures
    compatible so that we and others could live
    comfortably with euro interest rates on a
    permanent basis?
  • If problems emerge, is there sufficient
    flexibility to deal with them?
  • Would joining EMU create better conditions for
    firms making long-term decisions to invest in
    Britain?
  • What impact would entry into EMU have on the
    competitive position of the UK's financial
    services industry, particularly the City's
    wholesale markets?
  • Will joining EMU promote higher growth, stability
    and a lasting increase in jobs?

13
Advantages and Disadvantages
  • Advantages
  • Currency is more useful the wider the
    acceptability.
  • Rise in Trade.
  • Disadvantages
  • One size does not fit all.
  • Loss of ability to adjust for idiosyncratic
    shocks.

14
New Developments
  • Doubts about the exchange rates as shock
    absorbers.
  • Monetary Union gt Increased Trade
  • gt Decline in Idiosyncratic Shocks.
  • Removing exchange rate risk, stimulates the
    financial integration of the area, facilitating
    risk-sharing.
  • Countries may wish to join (leave) a monetary
    union if that union offers a superior (inferior)
    policy framework.

15
Critics of the EU
  • Critics argued that there is
  • corruption fraud in the EU
  • Resulted in some European Union Officials to
    resign in mass
  • With a new group, there were still some criticism
    regarding accounting policies
  • Europe as a whole is not a democracy, but a
    bureaucracy

16
Critics of the EU
  • France, Austria, Germany, Italy are some that
    argue against the Euro.
  • Some European
  • citizens have argue
  • that the Euro has
  • damage their
  • economies
  • United States of Europe

17
European Union Today
  • Largest Exporter in the world and is the second
    largest importer

GDP (PPP) per capita (2006)
 gt30,000  gt25,000
 gt20,000  gt15,000
 gt10,000
18
European Union Today
19
Conclusion
  • For some countries, the EU have been beneficial
    while for other, the EU has taken a toll on them.
    But despite the many challenges it faces along
    with the advantages and disadvantages, the EU
    stands as one of the largest exporters and
    importers in this globalize world.
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