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The European Union

The European Union. “Original” 15 members of the EU 1. Austria 9. Italy 2. Belgium 10. Luxemburg 3. Denmark* 11. Netherlands 4. Finland 12. Portugal 5. France 13. Spain 6. Germany 14. Sweden* 7. Greece 15. UK* 8. Ireland.

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The European Union

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  1. The European Union

  2. “Original” 15 members of the EU1. Austria 9. Italy2. Belgium 10. Luxemburg3. Denmark* 11. Netherlands4. Finland 12. Portugal5. France 13. Spain6. Germany 14. Sweden*7. Greece 15. UK*8. Ireland

  3. * Means that while the country is a member of the EU, it did not adopt the Euro as it’s official currency.

  4. “New” members of the EU1. Czech Republic 7. Malta2. Cyprus 8. Poland3. Estonia 9. Slovakia4. Hungary 10. Slovenia5. Latvia 11. Bulgaria6. Lithuania 12. Romania

  5. Applicant countries to the EU:CroatiaMacedoniaTurkeyMap of The EU

  6. Check out the EU by clicking on this link: europa.euEU at a glance

  7. The EU:1. Is a free trade zone- EU countries can’t place tariffs or quotas on any goods or services coming from other EU countries- The EU has a single external trade policy

  8. 2. Allows for the free movement of people and capitalA Polish plumber can work in France and a Greek student could study in the UK, much like a Kentuckian could work or go to school in Tennessee.

  9. 3. Harmonizes RegulationsThe EU works to standard government regulations on everything from food safety to the environment.

  10. 4. Has a common currency: The Euro a. The UK, Denmark, and Sweden, opted to keep their own currenciesb. New EU members must, over time, adopt the Euro

  11. c. A common currency requires a common monetary policy – this is provided by the European Central Bank, in Frankfort, Germany

  12. Pros of monetary union:1. Makes trade easier2. Makes travel easier

  13. Cons of monetary union:1. Each country loses sovereignty over its monetary policy. An international organization now controls their monetary policy

  14. 2. There is only one monetary policy for the Euro area If Germany is in recession while Poland is experiencing inflation, there won’t be a monetary policy they both like

  15. Because monetary policy can’t make each country happy at the same time it is important that the EU allows workers to move from one country to the next to help markets adjust.

  16. Proposed North American currency: AmeroCountries: US, Canada, Mexico

  17. Official US response to a common North American currency:Sure, a common currency is great, we will call it the dollar and the US will completely control monetary policy with no input from Canada or Mexico, i.e. if they want a common currency, let them adopt the dollar.

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