European Union

Refresher Market: the interaction of buyers and

sellers exchanging goods and services

Trade: the process of buying, selling, or exchanging of goods within or between countries.

Tariff: a fee imposed by a government on imported or exported goods.

What is the European Union? An economic and political

association of certain European countries

Largest economic body in the world.

A unique institution – Member States voluntarily cede national sovereignty in many areas to carry out common policies and governance.

World’s most open market for goods and commodities from developing countries.

27

7

30

490million

Member States

Combined population

of EU Member

States

Percent of world’spopulation

Percent of global GDP

55Percent of combinedworldwide OfficialDevelopment Assistance

Purpose of the EU

For its members to work together for advantages that would be out of reach if each were working alone.

Belief that when countries work together they are a more powerful force in the world because they involve: More Money More People More Land

This help make small countries more completive in the world market

Benefits Member may use a common currency (euro) that

makes trade easier.

EU works to improve trade, education, farming, and industry among its members.

Major benefits include: No tariffs (free trade) Free mobility from country to country within the

EU Live and work in any EU nation People can vote in local elections even if not a

citizen of the country

Money/Currency

The euro is the currency the MOST EU countries use.

Common currency makes trade between the countries much easier and less expensive.

Member countries can choose to give up their own currency for the euro or keep their standard currency.

12 countries in the EU do not use the Euro

1951

Founding Members

BelgiumFrance

GermanyItaly

LuxembourgNetherlands

1973

DenmarkIreland

United Kingdom

1981

Greece

1986

PortugalSpain

1995

AustriaFinlandSweden

2004

CyprusCzech Republic

EstoniaHungaryLatvia

LithuaniaMaltaPoland

SlovakiaSlovenia

2007

BulgariaRomania

Candidate Countries

Croatia

Former Yugoslav Republic of Macedonia

Turkey

Potential

Candidate Countries

Albania

Bosnia & Herzegovina

Montenegro

Serbia including Kosovo under UN Security Council Resolution 1244

https://www.youtube.com/watch?v=-lol93tQL1c&feature=bf_prev&list=PL4BE71B106847442A

What are some of the benefits of being in a country that is a member of the EU?

How do this benefits make life easier for the people of these countries?