Transition and Integration Economics at Universität Giessen

Flashcards and summaries for Transition and Integration Economics at the Universität Giessen

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Study with flashcards and summaries for the course Transition and Integration Economics at the Universität Giessen

Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

What are the basic principles of GATT/WTO?

Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

The EU single/common market is based on the so called "four freedoms". What are these “freedoms”?

Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

What is and does the GATT (General Agreement on Tariffs and Trade) /WTO (World Trade Organization) do?

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Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

What are Differences between WTO and GATT? What are 5 tasks of WTO?

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What are the three pillars of the EU? (Treaty of Maastricht). How did this change through Treaty of Lisbon?

Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

Briefly name 3 stages of coordination economic policy (European Economic and Monetary Union)


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What are 4 covergence criteria for the adoption of the euro?

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Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

Outline the so called “Copenhagen criteria“ (accession criteria)!

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Treaty of Lisbon

What are the 3 categories of the explicitely defined distribution of competences btw. members and Union in various policy areas?

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Name more prominent changes through the Treaty of Lisbon (Reform Treaty)

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Name the 5 most important EU institutions.

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Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

Characterize this institution and its function: European Council.

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Exemplary flashcards for Transition and Integration Economics at the Universität Giessen on StudySmarter:

Transition and Integration Economics

What are the basic principles of GATT/WTO?

  1. Liberalism: reduction of governmental and private trade distortions
  2. Non-discrimination: Most favoured Nation (MFN) treatment --> most favourable tariff rate, which is granted to any third party, is also granted to each member (National Treatment: after foreign goods have entered the market, imported and locally produced goods should be trated equally) 
  3. Reciprocity (Gegenseitigkeit): if a country is granted a trade advantage, this country will also grant this advantage in return
  4. Multilateralism: alliance of multiple countries pursuing a common good


Transition and Integration Economics

The EU single/common market is based on the so called "four freedoms". What are these “freedoms”?

1. goods

2. services

3. persons, including free movement of workers, and freedom of establishment

4. capital

Transition and Integration Economics

What is and does the GATT (General Agreement on Tariffs and Trade) /WTO (World Trade Organization) do?

WTO: 

  • International organization to supervise and liberalize international trade 
  • deals with rules of trade btw. nations

= Legally indeppendent institution

GATT:

  • general agreement on tariffs and track (step by step reduction of barriers to trade)
  • reduction of tariff/non-tariff trade barriers in multilateral contracts

= multilateral agreement

Transition and Integration Economics

What are Differences between WTO and GATT? What are 5 tasks of WTO?

  • GATT = multilateral agreement, states are only contractual parties 
  • WTO = leagally independent institution, states are members 
  • WTO also includes: service transactions and rights to intellectual property
  • WTO as an organisation: Faster settlement of conflicts, higher assertiveness, less susceptible to blockades

Tasks of WTO

• supervision of multilateral trade agreements

• forum for multilateral negotiations

• help with the solution of trade conflicts

• supervision of national trade policy

• cooperation with other international institutions

Transition and Integration Economics

What are the three pillars of the EU? (Treaty of Maastricht). How did this change through Treaty of Lisbon?

1. European Community 

2. Common Foreign and Security Policy (CFSP)

3. Justice and Home Affairs / Police and Judicial cooperation in criminal matters


Treaty of Lisbon 

Eu now as 1 legal person (Three Pillar System scrapped). EU now competence to sign treaties. 

Transition and Integration Economics

Briefly name 3 stages of coordination economic policy (European Economic and Monetary Union)


  1. Capital movements completely liberalized in EC (European Communities)
  2. Strenghthening monetary cooperation: ECB (European Central Bank) created 
  3. Adoption of the euro

Transition and Integration Economics

What are 4 covergence criteria for the adoption of the euro?

  1. Inflation rate (no more than 1.5% higher than the 3 lowest inflation EU states) 
  2. Government finance: gov. deficit below 3% of GDP; gov. debt must not exceed 60% of GDP)
  3. Exchange rate: two consecutive years w/o devlauation
  4. Long-term interest rates: no more than 2% higher than in 3 lowest inlation EU states

Transition and Integration Economics

Outline the so called “Copenhagen criteria“ (accession criteria)!

  • Political criteria: Stability of institutions guaranteeing democracy, the rule of law, human rights, minority protection
  • Economic criteria: Existence of a functioning market economy, capacity to cope with competitive pressure within the EU
  • Legislative alignment: 

- Bring laws into line w the body of European law (acquis communautaire)

- Implement legislation effectively through appropriate administrative and judicial structures => ability to take on the obligations of membership, including adherence (Einhaltung) to the aims of political, economic and monetary union

  • aditionally: EU itself has enough "absorption capacity" for new member(s)

Transition and Integration Economics

Treaty of Lisbon

What are the 3 categories of the explicitely defined distribution of competences btw. members and Union in various policy areas?

1. Exclusive competence of the Union:

e.g. for customs union; for competition rules for

the internal market, for common trade policy, etc.)

2. Shared competence:

(Member states cannot exercise competence

in areas where the Union has done so)

e.g. in the internal market and in agriculture and

fisheries; consumer protection, etc.

3. Supporting competence

to support, coordinate or supplement member states'

e.g. in culture, tourism, education, administrative

cooperation, etc

Transition and Integration Economics

Name more prominent changes through the Treaty of Lisbon (Reform Treaty)

  • scrapping the Three Pillar system
  • Creation of more continuity in EU policy by a long-term(2½ year) President of the European Council
  • more qualified majority voting (reduces chances of stalemate in the EU Council)
  • Charter of FUndamental Rights (CHFR): list of political, social, and economic rights for EU citizens
  • Legislative meetings of the Council of Ministers held in public
  • More powerful Europe. Parliament by extending codecision w the Council of Ministers
  • Secession clause: introduces an exit clause for members wanting to withdraw from the Union
  • (Competences btw. members and Union)

Transition and Integration Economics

Name the 5 most important EU institutions.

• European Council

• Council of Ministers

• European Commission

• European Parliament

• Court of Justice

Transition and Integration Economics

Characterize this institution and its function: European Council.

  • function: "political guidance & leadership"
  • consists of leaders (prime minister or president) of each EU member + President of the commission + President of the European Council 
  • provides guidelines for EU Policy
  • negotiates compromises on sensitive issues (reforms, treaty changes...)

most influential EU institution 

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