34 terms

The European Union

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devolution
the process of decentralizing the unitary state to share policymaking power with regional governments
integration
a process that encourages states to pool their sovereignty in order to gain political, economic, and social clout
World Trade Organization
sets rules of trade among nations- settles trade disputes, implements and enforces trade agreements. 159 members.
The World Bank
created in 1944 to help rebuild after WW2. Now loans money to low and middle-income countries at modest rates to support development and projects. 186 members
Maastricht treaty
created the modern EU organization
The Commission
one member from each EU country, each responsible for an area of policy. Initiates laws.
Council of Ministers
composed of ministers from all member states--meets regularly to approve legislation
European Parliament
body made up of elected members from each EU country; has power to propose amendments to legislation, reject proposals from the Council
European Court of Justice
has power of judicial review. One justice from each country. Can make decisions which limit national sovereignty.
requirements for EU memberships
(1) stable and functioning democratic regime (2) market-oriented economy (3 willingness to accept all EU laws and regulations
three pillars
(1) trade and other economic matters including common currency and creation of European Central Bank (2) Justice and home affairs like asylum, borders, immigration, crime, terrorism (3) foreign and security policy, defense policy
supranational organization
body that binds states together with common policies and shared rules
monetary policy
control of the money supply
European Monetary Union
composed of central bank that has the power to set basic interest rates and other fiscal policies instead of individual nation governments
enlargement fatigue
a decline in popularity due to rapid growth
Common Market
The European Economic Community. Created by the Treaty of Rome. Elimination of bilateral tariffs within Europe and new ones that applied to everyone.
crisis mangement
humanitarian, rescue, and peacemaking tasks for developing common security and defense
Treaty of Amsterdam
established free movement throughout the Union. Define cooperation between police forces
free movement
policy regarding visas, asylum, and immigration within the union
farm subsidies
guarantees of seeing goods at high prices
MEPs
members of the European Parliament
European Constitution
created to replace overlapping sets of treaties and for streamlining decision making. Was not ratified which showed resistance to integration.
Lisbon Treaty
a document attempting to consolidate previous treaties in order to save the goals of the constitution
democratic deficit
the loss of direct control of political decision by the people
economic liberalism
favors open, free markets and an economic nationalism that seeks to protect national economic interests
sovereign debt crisis
began with the Greek economic crisis and affected all of the EU; involves excessively high debt to GNP ratios
austerity programs
designed to reduce budget deficits by cuts in spending and tax increases. Controversially leads to higher employment rates, stagnated GDPs, and cuts to welfare.
economic structural adjustment
forgiveness of part of a nation's debt as a result of receiving new loans
restructuring
allowing richer countries to bail out the struggling ones-often unpopular, but many see it as the only way to allow the weak countries to recover
Civil society
Spheres of privacy free from control by the state
The European Community (EC)
step towards the EU; established in 1965; expanded the organization's functions beyond economics
The European Economic Community (EEC)
step towards the EU; formal name for the "common market"; established in 1957; called for elimination of bilateral tariffs between European nations, and the creation of new tariffs that applied to all
The European Central Bank (ECB)
established by Maastricht Treaty of 1991; issues common currency (the Euro) and influences economic policies of member states
European Council
meeting every six months of EU heads of state