the european union the european union & the euro – a historical overview
TRANSCRIPT
The European Union
THE EUROPEAN UNIONamp the Euro ndash a historical overview
The European Union
Celebrating the European UnionA Half Century of Change and Progress
bull Since the creation of the EU half a century ago Europe has enjoyed the longest period of peace in its history
bull European political integration is unprecedented in history
bull EU enlargement has helped overcome the division of Europe ndash contributing to peace prosperity and stability across the continent
bull A single market and a common currency conditions for companies and consumers
European UnionUnited in diversity
The European Union
What is the European Union
bull Shared values liberty democracy respect for human rights and fundamental freedoms and the rule of law
bull Largest economic body in the world
bull A unique institution ndash Member States voluntarily cede national sovereignty in many areas to carry out common policies and governance
bull Not a super-state to replace existing states nor just an organization for international cooperation
bull Worldrsquos largest amp most open market for goods and commodities from developing countries
27
7
30
490million
Member States
Combined population of
EU Member States
Percent of worldrsquospopulation
Percent of global GDP
55Percent of combinedworldwide OfficialDevelopment Assistance
The European Union
Regional Integration (Theory)
1048708 From Free Trade Area the elimination of tariffs
bull for goods and services within region
bull (NAFTA)
1048708 via Customs Union an FTA with a common
bull external tariff (EEC)
1048708 to Single MarketEconomic Union
bull eliminating all tariff and non-tariff barriers
bull Freedom of goods services labor and capital
bull ldquoHarmonizationrdquo of regulation
bull May also have common currency (euro)
The European Union
EU InstitutionsEuropean Commission
bull 27 Commissioners representing the European perspective each responsible for a specific policy area
bull EUrsquos executive branch proposes legislation manages Unionrsquos day-to-day business and budget and enforces rules
bull Negotiates trade agreements and manages Europersquos multilateral development cooperation
Council of the European Union
bull EUrsquos main decision-making body comprised of ministers of 27 Member States representing Member Statersquos point of view
bull Decides on foreign policy issues
bull Council presidency rotates among Member States every six months (changes soon EU President)
European Commission President Joseacute Manuel Barroso
The European Union
EU InstitutionsEuropean Parliament
bull Voice of European citizens ndash members elected across EU for 5-year terms
bull With the Council passes EU laws and adopts EU budgets (lsquoco-decisionrsquo rights)
bull ApprovesSupervises EU Commissioners
European Court of Justice
bull Highest EU judicial authority
bull Ensures all EU laws are interpreted and applied correctly and uniformly
bull Can act as an independent policy makerover-rules national law only in (econ agricultural) matters covered by the Treaties
European Parliament in session
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
Celebrating the European UnionA Half Century of Change and Progress
bull Since the creation of the EU half a century ago Europe has enjoyed the longest period of peace in its history
bull European political integration is unprecedented in history
bull EU enlargement has helped overcome the division of Europe ndash contributing to peace prosperity and stability across the continent
bull A single market and a common currency conditions for companies and consumers
European UnionUnited in diversity
The European Union
What is the European Union
bull Shared values liberty democracy respect for human rights and fundamental freedoms and the rule of law
bull Largest economic body in the world
bull A unique institution ndash Member States voluntarily cede national sovereignty in many areas to carry out common policies and governance
bull Not a super-state to replace existing states nor just an organization for international cooperation
bull Worldrsquos largest amp most open market for goods and commodities from developing countries
27
7
30
490million
Member States
Combined population of
EU Member States
Percent of worldrsquospopulation
Percent of global GDP
55Percent of combinedworldwide OfficialDevelopment Assistance
The European Union
Regional Integration (Theory)
1048708 From Free Trade Area the elimination of tariffs
bull for goods and services within region
bull (NAFTA)
1048708 via Customs Union an FTA with a common
bull external tariff (EEC)
1048708 to Single MarketEconomic Union
bull eliminating all tariff and non-tariff barriers
bull Freedom of goods services labor and capital
bull ldquoHarmonizationrdquo of regulation
bull May also have common currency (euro)
The European Union
EU InstitutionsEuropean Commission
bull 27 Commissioners representing the European perspective each responsible for a specific policy area
bull EUrsquos executive branch proposes legislation manages Unionrsquos day-to-day business and budget and enforces rules
bull Negotiates trade agreements and manages Europersquos multilateral development cooperation
Council of the European Union
bull EUrsquos main decision-making body comprised of ministers of 27 Member States representing Member Statersquos point of view
bull Decides on foreign policy issues
bull Council presidency rotates among Member States every six months (changes soon EU President)
European Commission President Joseacute Manuel Barroso
The European Union
EU InstitutionsEuropean Parliament
bull Voice of European citizens ndash members elected across EU for 5-year terms
bull With the Council passes EU laws and adopts EU budgets (lsquoco-decisionrsquo rights)
bull ApprovesSupervises EU Commissioners
European Court of Justice
bull Highest EU judicial authority
bull Ensures all EU laws are interpreted and applied correctly and uniformly
bull Can act as an independent policy makerover-rules national law only in (econ agricultural) matters covered by the Treaties
European Parliament in session
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
What is the European Union
bull Shared values liberty democracy respect for human rights and fundamental freedoms and the rule of law
bull Largest economic body in the world
bull A unique institution ndash Member States voluntarily cede national sovereignty in many areas to carry out common policies and governance
bull Not a super-state to replace existing states nor just an organization for international cooperation
bull Worldrsquos largest amp most open market for goods and commodities from developing countries
27
7
30
490million
Member States
Combined population of
EU Member States
Percent of worldrsquospopulation
Percent of global GDP
55Percent of combinedworldwide OfficialDevelopment Assistance
The European Union
Regional Integration (Theory)
1048708 From Free Trade Area the elimination of tariffs
bull for goods and services within region
bull (NAFTA)
1048708 via Customs Union an FTA with a common
bull external tariff (EEC)
1048708 to Single MarketEconomic Union
bull eliminating all tariff and non-tariff barriers
bull Freedom of goods services labor and capital
bull ldquoHarmonizationrdquo of regulation
bull May also have common currency (euro)
The European Union
EU InstitutionsEuropean Commission
bull 27 Commissioners representing the European perspective each responsible for a specific policy area
bull EUrsquos executive branch proposes legislation manages Unionrsquos day-to-day business and budget and enforces rules
bull Negotiates trade agreements and manages Europersquos multilateral development cooperation
Council of the European Union
bull EUrsquos main decision-making body comprised of ministers of 27 Member States representing Member Statersquos point of view
bull Decides on foreign policy issues
bull Council presidency rotates among Member States every six months (changes soon EU President)
European Commission President Joseacute Manuel Barroso
The European Union
EU InstitutionsEuropean Parliament
bull Voice of European citizens ndash members elected across EU for 5-year terms
bull With the Council passes EU laws and adopts EU budgets (lsquoco-decisionrsquo rights)
bull ApprovesSupervises EU Commissioners
European Court of Justice
bull Highest EU judicial authority
bull Ensures all EU laws are interpreted and applied correctly and uniformly
bull Can act as an independent policy makerover-rules national law only in (econ agricultural) matters covered by the Treaties
European Parliament in session
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
Regional Integration (Theory)
1048708 From Free Trade Area the elimination of tariffs
bull for goods and services within region
bull (NAFTA)
1048708 via Customs Union an FTA with a common
bull external tariff (EEC)
1048708 to Single MarketEconomic Union
bull eliminating all tariff and non-tariff barriers
bull Freedom of goods services labor and capital
bull ldquoHarmonizationrdquo of regulation
bull May also have common currency (euro)
The European Union
EU InstitutionsEuropean Commission
bull 27 Commissioners representing the European perspective each responsible for a specific policy area
bull EUrsquos executive branch proposes legislation manages Unionrsquos day-to-day business and budget and enforces rules
bull Negotiates trade agreements and manages Europersquos multilateral development cooperation
Council of the European Union
bull EUrsquos main decision-making body comprised of ministers of 27 Member States representing Member Statersquos point of view
bull Decides on foreign policy issues
bull Council presidency rotates among Member States every six months (changes soon EU President)
European Commission President Joseacute Manuel Barroso
The European Union
EU InstitutionsEuropean Parliament
bull Voice of European citizens ndash members elected across EU for 5-year terms
bull With the Council passes EU laws and adopts EU budgets (lsquoco-decisionrsquo rights)
bull ApprovesSupervises EU Commissioners
European Court of Justice
bull Highest EU judicial authority
bull Ensures all EU laws are interpreted and applied correctly and uniformly
bull Can act as an independent policy makerover-rules national law only in (econ agricultural) matters covered by the Treaties
European Parliament in session
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
EU InstitutionsEuropean Commission
bull 27 Commissioners representing the European perspective each responsible for a specific policy area
bull EUrsquos executive branch proposes legislation manages Unionrsquos day-to-day business and budget and enforces rules
bull Negotiates trade agreements and manages Europersquos multilateral development cooperation
Council of the European Union
bull EUrsquos main decision-making body comprised of ministers of 27 Member States representing Member Statersquos point of view
bull Decides on foreign policy issues
bull Council presidency rotates among Member States every six months (changes soon EU President)
European Commission President Joseacute Manuel Barroso
The European Union
EU InstitutionsEuropean Parliament
bull Voice of European citizens ndash members elected across EU for 5-year terms
bull With the Council passes EU laws and adopts EU budgets (lsquoco-decisionrsquo rights)
bull ApprovesSupervises EU Commissioners
European Court of Justice
bull Highest EU judicial authority
bull Ensures all EU laws are interpreted and applied correctly and uniformly
bull Can act as an independent policy makerover-rules national law only in (econ agricultural) matters covered by the Treaties
European Parliament in session
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
EU InstitutionsEuropean Parliament
bull Voice of European citizens ndash members elected across EU for 5-year terms
bull With the Council passes EU laws and adopts EU budgets (lsquoco-decisionrsquo rights)
bull ApprovesSupervises EU Commissioners
European Court of Justice
bull Highest EU judicial authority
bull Ensures all EU laws are interpreted and applied correctly and uniformly
bull Can act as an independent policy makerover-rules national law only in (econ agricultural) matters covered by the Treaties
European Parliament in session
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
1951
bull In the aftermath of World War II the aim was to secure peace among Europersquos victorious and vanquished nations and bring them together as equals cooperating within shared institutions
bull Based on a plan by French Foreign Minister Robert Schuman
bull Six founding countries ndash Belgium the Federal Republic of Germany France Italy Luxembourg and the Netherlands ndash signed a treaty to run heavy industries (coal and steel) under common management
European Coal and
Steel Community
Jean Monnet and other leaders with the first ldquoEuropeanrdquo ingot of steel
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
Treaty of Rome
bull The six founding countries expanded cooperation to other economic sectors creating the European Economic Community (EEC) ndash or ldquocommon marketrdquo
bull As a result people goods services and capital today move freely across the Union
bull Britain left out formed EFTA instead
bull 1960s Common Agricultural Policy
1957
Signing of the Treaty of Rome
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
1951
Founding Members
BelgiumFrance
GermanyItaly
LuxembourgNetherlands
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
1973
DenmarkIreland
United Kingdom
Economic stagnation
amp lsquoEurosclerosisrsquo
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
1981Greece
1986
PortugalSpain
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
Single European Act amp Maastricht Treaty
Jacques Delors and the SEA (1986)
bull Single Market by 1992
bull Qualified Majority Voting (QMV)
End of Cold War (1989-91) and Maastricht Treaty (19913)
bull Single currency in 3 steps by 1999
bull CFSP (Common Foreign amp Security Policy)
bull Three pillar structure Eur econ Policies CFSP and Justice amp Home Affairs
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
1995
AustriaFinlandSweden
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
2004
CyprusCzech Republic
EstoniaHungaryLatvia
LithuaniaMaltaPoland
SlovakiaSlovenia
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
2007
BulgariaRomania
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
Candidate Countries
Croatia
Former Yugoslav Republic of Macedonia
Turkey
Potential
Candidate Countries
Albania
Bosnia amp Herzegovina
Montenegro
Serbia including Kosovo under UN Security Council
Resolution 1244
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
The eurouro With German reunification EMU presents opportunity to tie a unified Germany to the EU by creating common lsquobandwidthrsquo of currency fluctuations amp deciding which countries can take part (by 1998) (Stage 1)
Jan 1 1999 =launch of currency at $ 118 and ECB creation (Stage 2)
Final money introcirculation on Jan 1 2002 (Stage 3)
Reduces cost of businesstransaction costs reduces exchange rate risks but also reduces national monetary flexibility
The euro is as stable as the best-performing currencies previously used in the euro area countries (currently too high making EU products expensive as compared to US)
euro
euro
euro
euro
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
United in Diversity - The eurouro
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
European Central Bank
bull The European Central Bank (ECB) is the central bank for Europes single currency the euro
bull The ECBrsquos main task is to maintain the euros purchasing power and thus price stability in the euro area
bull The euro area comprises currently the 16 EU countries that have introduced the euro since 1999
bull The ECB operates independently from Member State governments (supervised by ECB board members from nat central banks)
The euro was introduced in 1999
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
bull Trade
ndash European Commission represents all 27 EU Member States before the World Trade Organization
ndash Supports free trade and open markets within the rules-based structure of the WTO to promote growth and jobs in both industrialized and developing countries
ndash The worlds most open market for products and commodities from developing countries ndash 40 of all EU imports are from developing countries
Addressing Global Challenges
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-
The European Union
A Dynamic Transatlantic Economy
bull EU and US together account for 40 of total global trade (more than $15 billion in transatlantic trade every day)
bull The $3 trillion EU-US transatlantic economy employs 14 million workers on both sides of the Atlantic
bull In 2005 Europe accounted for roughly two-thirds of total global investment flows into the US ndash by far the most significant source of foreign investment in the US economy
- Slide 1
- Celebrating the European Union A Half Century of Change and Pr
- What is the European Union
- Regional Integration (Theory)
- EU Institutions
- EU Institutions (2)
- 1951
- Treaty of Rome
- Slide 9
- Slide 10
- Slide 11
- Single European Act amp Maastricht Treaty
- Slide 13
- Slide 14
- Slide 15
- Slide 16
- The eurouro
- United in Diversity - The eurouro
- European Central Bank
- Slide 20
- A Dynamic Transatlantic Economy
-