EU

Question 1

why did eu start

Answer 1

started as a trading union between france, germany, italy, belgium, luxemburg and the ntherlands also aiming to keep peace in post ww2 europe

Question 2

group of how many countries

Answer 2

27

Question 3

Common Agricultural policy

Answer 3

-EU policy designed to protect and support agriculture within the EU
-subsidies were given to local farmers, minimum prices to protect incomes, tariffs placed on agricultural imports outside the EU and quotas on agricultural imports from non EU countries
-countries like kenya struggled to get a good price for food they sell to european markets due to tariffs

Question 4

European Court of Justice

Answer 4

-ensures that laws set by the EU are followed by member states and settles disputes

Question 5

Problems Greece faced from being part of the EU

Answer 5

-After joining the eurozone, Greece accumulated high levels of gov debt due to continued spending largely funded through borrowing. Following the 2008 financial crisis, economic growth slowed and it became difficult to repay debt. in 2010 Greece required bailout loans from eu and imf. as a member of the eurozone greece could not devalue its currency or indipendenlty control interest rates, limiting its ability to use monetary policy to stabilise its economy.
-The bailout loans came with strict austerity conditions, forcing Greece to drastically cut public spending on wages, pensions, benefits, healthcare and education, which disproportionately affected the poorest in society who relied on these services the most

Question 6

benefits of eu

Answer 6

-trade creation, large single market allowing free movement of goods and economies of scale
-can bail out countries in financial trouble
-passes laws to protect peoples rights and environment
-more FDI as easier market acess for foreign firms
-shared standards for products, labour, environment
-policy coordination which encourages healthy competition and reduces harmful policies such as extreme undercutting

Question 7

drawbacks of eu

Answer 7

-loss of national sovereignty and national control as must follow eu laws
-competees with other major trade blocs
-regulation burdens which businesses must comply to
-budget constraints as must pay into eu budget