EU Economic and Monetary Rules
It is a treaty which led to the creation of a European area in which internal border checks have largely been abolished. It was signed in 1985 in Luxembourg, by five of the ten member states of the then European Economic Community.
It is a political and economic union of 28 member states. It has an area of 4,475,757 km2, and an estimated population of over 510 million. It has developed an internal single market through a standardised system of laws that apply in all member states. Its policies aim to ensure the free movement of people, goods, services, and capital within the internal market, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development
In a referendum on 23 June 2016, 51.9% of the participating electorate voted to leave the EU, out of a turnout of 72.2%. On 29 March 2017, the government invoked Article 50 of the Treaty on the European Union. The country is thus due to leave the EU on 29 March 2019.
It must be below 3% of GDP at market prices.
What is the rule concerning national budget deficits?
This treaty undertook to integrate Europe and was signed on 7 February 1992 by the members of the European Community. It created the European Union and led to the creation of the single European currency, the euro.
What is the Maastricht Treaty signed in Maastricht, Netherlands?
It is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994
What is NAFTA (the North American Free Trade Agreement)?
It may not be higher than 60% of GDP at market prices.
What is the rule concerning public debt?
It entered into force on 1 January 2013. The main provision of this treaty is the requirement to have a balanced budget rule in domestic legal orders (the Fiscal Compact). Out of the 25 Contracting Parties, 22 are formally bound by the Fiscal Compact (the 19 euro area Member States plus Bulgaria, Denmark and Romania).
What is The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG)?
It comprises ten Southeast Asian countries which promotes Pan-Asianism and intergovernmental cooperation and facilitates economic, political, security, military, educational and socio-cultural integration amongst its members and other Asian countries, and globally.
What is ASEAN (Association of Southeast Asian Nations)?
It was signed by the EU member states in 2007. It brought new law-making powers to the European Parliament and put it on an equal footing with the Council of Ministers in deciding what the EU does and how money is spent. It also changed the way the Parliament works with other institutions and gave MEPs more influence on who runs the EU.
Signed after World War II, with the aim of promoting peace, European countries decided to help their economic recovery by reducing trade barriers.
What were the consequences of the Bretton Woods Conference?
It is an intergovernmental organization that regulates international trade. It officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It is the largest international economic organization in the world.