Beruflich Dokumente
Kultur Dokumente
CONTENTS
Part I- European Union basics Part II- European monetary Policy
Contents
I. A quick glance at the European Union
II. Historical steps of the European integration III. European Institutions IV. European economic outlook
Dr. Marielle GOTO
Some figures
500 million inhabitants 4.2 million km (9.6 for China and the United States) At the moment 27 countries First GDP in the world (a quarter of it); 40% of the world trade
27 800 25 100
12 508
12 200
EU
China
Russia
United States
271
Luxembourg 137 Ireland Netherlands Austria Sweden Denmark United Kingdom Germany Finland Belgium France Spain Italy EU-27 Cyprus 101 100 135 123 122 118 117 116 115 114 107 103
95 94 91
Greece
Slovenia Czech Republic Malta Portugal Slovakia Estonia Hungary
80 76 76
72 68 63
61 58
Lithuania
Poland Latvia 46 40 Romania Bulgaria
56
Source: Eurostat
Source: Eurostat
Dr. Marielle GOTO
60 years of history
A deepening integration
Complex and eventful process Important enlargement (a fourfold rise in the number of member countries in 60 years)
1950
Speech of Robert SCHUMAN based on the ideas of Jean Monnet Proposal of a pool of coal and steel sources by France and Germany
1951
Signature of the treaty establishing the European Coal and Steel Community (ECSC) by 6 countries: Belgium, the Federal Republic of Germany, France, Italy, Luxembourg and the Netherlands The same six countries sign the treaties of Rome related to: the European Economic Community(EEC) the European Atomic Energy Community (Euratom) the Stockholm Convention establishes the European Free Trade Association (EFTA) with countries outside the EEC like the United Kingdom, Iceland , Norway, Switzerland Merger of the ECSC, EEC and Euratom Creation of a single Council and a single Commission.
1957
1960
1965
1968
Establishment of a Common External Tariff (CET) and custom duties, between member countries, are abolished on industrial goods
1973
Denmark, Ireland and United Kingdom join the European communities. It is the first enlargement.
1979
1981
1985
The Schengen Agreement is signed in order to suppress checks at the borders between member states of the European Communities (free movment of persons)
Dr. Marielle GOTO
1992
1993
1997
1999
The Euro is adopted by 11 countries and used on their financial markets for non-cash transactions The European Central Bank (ECB) takes charge of the common monetary policy for all th emembers of the European Monetary Union (EMU)
2001
Signature of the Treaty of Nice The aim is to allow enlargement thanks to a change in the decison making process
Euro-notes and coins are implemented in the Euro area. This area comprises 12 countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Portugal, Spain and The Netherlands
2002
2004
Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia join the European Union.
2004
The European Constitution is adopted in Rome but was to be ratified by member states
2005
Rejection of the European Constitutions by voters in France and the Netherlands as a result of referendums
2007
Bulgaria and Romania join the European Union Slovenia adopts the Euro
2008
2009
2011
Greece has benefited from a financial assistance package of EUR110 billion Measures package of 750 billion to create a safety net with the creation of the European Financial Stability Facility (EFSF), the European Financial Stability Mechanism and May 2010 International Monetary Fund financing
21 July 2011
New rules for the European Financial Stability Facility and new package bailout of 109 billion for Greece with the assistance of the private sector (banks)
Treaty of Nice (2003): Preparation of the important enlargements of 2004 and 2007 with mostly countries for the Eastern Europe
Lisbon Treaty (2007): A strengthened role for the European parliament Qualified majority: From 2014 a double majority: a decision is taken by 55% of the Member States representing at least 65% of the Unions population
Dr. Marielle GOTO
The function of President of the European Council is created. This president is elected for 2 and a half years. At the moment, Herman Van Rompuy.
A high representative of the Union for Foreign Affairs and Security function is created. At the moment, Catherine Ashton.
A regulation shall have general application. It shall be binding in its entirety and directly applicable in all Member States
A directive shall be binding, as to the result to be achieved, upon each Member State to which it is addressed, but shall leave to the national authorities the choice of form and methods A decision shall be binding in its entirety upon those to whom it is addressed
Recommendations and opinions shall have no binding force
The EU institutions
Institutions
European Council
(Head of States)
European Parliament
Council of Ministers (Council of the European Union) Economic and Social Committee
European Commission (the common interest) Committee of the Regions European Central Bank
Court of Justice
Court of Auditors
Agencies
The high representative of the Union for Foreign Affairs and Security is the permanent chairperson for the foreign affairs ministers council
Dr. Marielle GOTO
Source: Eurostat
Dr. Marielle GOTO
INFLATION RATE
Source: Eurostat
Source: Eurostat
Conclusion
A long, ongoing and complex history of economic integration European integration is mostly a political process Increasing economic differences with the successive enlargements The rules of the monetary integration process are put to the test since the 2008 global crisis
Dr. Marielle GOTO
Additional references
Benassy-Quere A., Coeure B., Jacquet P. and Pisani-Ferry J., 2004, Politique conomique, de boeck El-Agraa A.,2001, The European Union Economics and policies, Financial Times, Prentice Hall Hallwood C.& MacDonald R., 2000, International Money and Finance, Blackwell publishers Henning C., 1998, Systemic conflict and regional monetary integration: the case of Europe , in International organization, vol.52, n3, Cambridge University Press Mongelli F., 2008, European Economic and Monetary integration and the Optimum Currency Area , European Economy n302