EU integration
What does "Brexit" refer to?
Brexit refers to the decision of The United Kingdom to leave to European Union.
What does FTA stand for, and what does it mean?
FTA stands for Free Trade Agreement. It is an agreement between two or more countries to decrease or remove tariffs on goods traded between them.
Which Treaty has the creation of the monetary union, extension of political cooperation as their main objectives?
The Treaty that has the creation of the monetary union, and extension of political cooperation as their main objectives is the Maastricht Treaty (1993).
What are the four freedoms of the EU's single market?
The four freedoms of the EU's single market is the free movement of goods, services, capital, and people.
What does MFA stand for, what is the aim of it?
MFA stands for Multi Fibre Arrangement, which aims to protect the textiles and clothing from potential exporting countries. It was designed to limit free trade, which was a direct violation of GATT (general agreement on tariffs and trade).
What is the difference between a customs union and a free trade area?
In a customs union, member countries demolish trade barriers between themselves and have a common external tariff.
In a free trade area, member countries only remove internal barriers but keep their individual tariffs for non-members.
Name two criteria that countries must meet to join the EU according to the Copenhagen criteria.
Criterias to join the EU according to the Copenhagen criteria:
1) Institutions should be stable to guaranty democracy, rule of law, human rights, and respect for minorities.
2) Must have a functioning market economy and the ability to cope with competitive pressure within the EU.
3) ability to take on obligations of membership (acquisition communautaire).
In what system is the International Monetary Fund (IMF) created in 1944 part of?
The international monetary fund (IMF) was created in 1944 as part of the Bretton Woods system to help countries maintain fixed exchange rates.
Which of these countries is part of the Schengen area, but not part of the Eurozone?
Slovakia, Finland, UK, Norway.
Norway is part of the Schengen Area while not being a member of the EU, and is not part of the Eurozone.