Chapter 8
What is the main purpose of the European Union (EU) ?
Promote economic integration and free movement of services, goods, people,…
What organization oversees international trade rules among countries ?
The World Trade Organization (WTO)
What year did the UK officially leave the European Union ?
2020
What is the Eurozone ?
The group of EU countries that use the euro as their currency
What is the International Monetary Fund (IMF)
An organization that provides financial support to countries facing economic instability
What are the two main sectors affected by post-Brexit trade regulations ?
Financial services and agriculture
What treaty established the EU and introduced the concept of EU citizenship ?
The Maastricht Treaty
What is the purpose of Free Trade Agreements (FTAs) ?
To reduce tariffs and other barriers to trade between member countries
What is one major challenge UK exporters face when trading with the EU post-Brexit ?
Increased documentation and border checks and currency
Name one challenge businesses face due to European integration
Adapting to uniform regulatory standards across the EU, or dealing with competition policies
What is a criticism often made of the IMF’s loan conditions ?
They are sometimes seen as “one-size-fits-all” and can be unsuitable for all economies
How has Brexit impacted labour in the UK ?
Reduced access to EU labor, leading to shortages in sectors like hospitality and transport
What is the “four freedoms” principle of the EU ?
The free movement of Goods, Services, People, and Capital within the EU
What is the primary goal of the World Bank ?
To reduce poverty by providing funding for development projects
What has happened to UK business investment since the Brexit referendum ?
It has stagnated, potentially due to uncertainty and additional trade barriers