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The European Economy .. perspective

The European Economy ...in perspective. Contents. Definition Stages of economic integration The European economic integration. Defining economic integration. One aspect of international economics

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The European Economy .. perspective

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  1. The European Economy ...in perspective

  2. Contents • Definition • Stages of economic integration • The European economic integration

  3. Defining economic integration • One aspect of international economics • ‘a state of affairs or a process which involves the amalgamation of separate economies into larger free trading regions’ (El-Agraa, 2004) • Non-economic definition: increasing interdependence of nations

  4. Characteristics of an economic bloc • Discriminatory removal of trade barriers • The establishment of some co-ordination - between at least two nations

  5. Types of integration • Negative integration • Positive integration NOT sectorial co-operation, which can be WITHIN integration

  6. Stages of economic integration • Free Trade Areas • Customs Unions

  7. Stages of economic integration … • Common Markets • Monetary Union • Economic Union • Political Union

  8. The evolution of the EU • The Organisation of European Economic Cooperation (OEEC): 1948 • The European Payments Union (EPU): 1950 • European Coal and Steel Community (ECSC): 1952

  9. The evolution of the EU… The Treaty of Rome: 1957 • The European Economic Community • The Euroatom • The ECSC EFTA: 1959

  10. The evolution of the EU… • The first enlargement: 1973 • The European Monetary System: 1978 • The South European Enlargement: 1981, 1986

  11. Baldwin (1994), p. 17

  12. The evolution of the EU… • The Single European Act: 1986 • The EC Single Market: 1992 • The Maastricht Treaty: 1992 • The Treaty of the European Union (EU)! • The EEA

  13. The evolution of the EU… • Enlargement again: 1995 • EURO launch: 1998 • 2004 and the EU of 25 • 2007 and the EU of 27

  14. Recommended Reading • El-Agraa* ch. 1, 2 • Baldwin and Wyplosz , ch. 1 • Europe at a glance Note: * stands for essential reading

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