EU Economy Study Companion 2012

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European Union Economy
A2 Economics –
Study Companion 2012
Geoff Riley
Tutor2u
January 2012

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Contents of European Study Companion 2012
1) Background to the European Union..............................................

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1) Background to the European Union
There are twenty seven member nations of the
EU – known as EU27. The EU27 includes
B...

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2) The EU Budget: Financing the Activities of the EU
Revenue comes from:
• Import tariffs (customs duties), agricultural...

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3) Economic Integration in the EU
Europe is a huge economic region - The EU (1090bn euro) was the largest exporter of go...

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Trade Creation
Trade Diversion
Always remember the significance of price elasticity of demand and supply in shaping your...

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4) UK Trade with the rest of Europe
Nearly 55% of UK exports and over half of imports come from the EU. This figure has ...

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5) The European Union Single Market
"What we need are strengths which we can only find together. […] We must have the fu...

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4. Labour mobility: There are economic and social costs and benefits from a freer movement of
labour - these are discuss...

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The Single Market, Investment, Takeovers and Mergers
We have seen a lot of cross-border investment. There are many moti...

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Barriers to the successful completion of the EU single market
The EU market is not complete. Despite claims by politici...

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6) Price Convergence
Price convergence means that the gap in prices between different regions or countries for the same...

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7) Value Added Tax and Corporation Tax in Europe
One important aspect of the single market is the continued freedom of ...

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8) Business Ownership – Privatisation and Nationalisation in the EU
The balance of ownership between public and private...

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Nationalisation in Britain: Public sector businesses include:
1. Network Rail - a "not for dividend" company that owns ...

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Losses for airlines
The diagram below provides a simple analysis of when airlines suffer losses. At the profit maximisi...

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9) Measuring the Standard of Living within the EU
1. The base line measure of living standards is real per capita natio...

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Consumption per head
This is an alternative approach to measuring relative living standards – i.e. the ability of house...

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10) Enlargement of the European Union
The expansion of the EU to embrace more countries has been perhaps the most impor...

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As our chart shows there has been limited progress in achieving convergence in per capita incomes although
progress tow...

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been consistently growing during the European crisis although their economy is not isolated from the
difficulties in th...

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The long term progress of Poland in lifting productivity and incomes per head is shown in the chart below
The Polish ec...

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11) EU Enlargement and the impact on the UK economy
“Eastward enlargement has been one of the EU’s greatest successes. ...

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goods and services. For example, the value of British exports to Poland (at current prices) has
more than doubled since...

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12) Movement of Labour within the EU
“Since 2004 an estimated one million Poles have settled in Britain, taking advanta...

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The effects of labour migration on the labour markets of richer nations inside the European Union including
the UK depe...

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Opponents of unrestricted migration argue that high levels of inward migration create economic and social
tensions and ...

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13) Unemployment in the European Union
The European Union has struggled to bring down unemployment on a sustained basis...

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Our chart above shows the effect of a deep recession in the Euro Zone on the rate of unemployment. Real
GDP fell by mor...

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14) Policies addressing Income Inequalities in the EU
The European Union consists of twenty seven nations with widely d...

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Minimum Wage Rates in the European Union
The table below tracks minimum wage rates across most EU countries. The best w...

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15) EU Competition Policy
The aim of competition policy is to promote competition; make markets work better and contrib...

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In a nut-shell the role of competition authorities around the world including the European Union is to
protect the publ...

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16) EU Farm Policy and Reform
“European Union farm subsidies were paid out last year to Swedish accordion musicians, Da...

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Criticisms of the EU System of Farm Support
(1) Production inefficiency and surplus: In the early years of the CAP, gen...

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Analysis: Intervention prices and food surpluses
This is one of the analysis diagrams that might be used to show the im...

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Attempts to Reform the Common
Agricultural Policy
Farmers lobbying against CAP reforms at a
meeting of the EU Commissio...

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But there is evidence that the bulk of farm payments flow to larger land-owners many of whom
no longer farm but who ren...

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17) Environmental Issues and Policies in the EU
The European Commission is setting tougher limits on CO2 emissions to t...

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Carbon Trading
(1) The EU Emissions Trading Scheme (EUETS) was launched in January 2005 and is a market-based
mechanism...

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Weaknesses of the EU carbon-trading scheme
“In 2008, (Phase II 2008-2012), the EU carbon price peaked at almost €30 per...

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Carbon offsetting
Most emissions trading schemes offer trade in carbon offsets, or carbon credits. This allows emitters...

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18) European Monetary Union – The Basics of a Single Currency
“Europe’s 11-year-old monetary union, stretching across 1...

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Real Economic Convergence
Some economists believe that economies entering the single currency are likely to perform bet...

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Decisions of the European Central Bank (ECB)
• Interest rates are set by Europe's Central Bank, which has to consider c...

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Prices and competitiveness in the single currency
One important trend since the Euro was launched has been a divergence...

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The crisis has also exposed fault-lines in the currency bloc and there remains a possibility – albeit a remote
one – th...

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Focus on Spain
Strong growth in Spain during the first half of the decade has come to a spectacular end. Their economy
...

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spiked up from 11% in 2008 to more than twenty per cent now and the government’s budget deficit has
widened from a surp...

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In a similar vein to Spain, Greece is heavily dependent on tourism and construction. In 2009 Greek exports
collapsed by...

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Focus on Ireland
Ireland 2007 2008 2009 2010 2011
Real GDP (% change) 5.6 -3.6 -7.6 -0.3 1.5
Consumer spending (% chang...

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The Bond Markets Attack the PIIGS
Over the last two years the global bond markets have attacked weaker economies known ...

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19) The UK Economy and the Single Currency
The UK opted out of the Euro when it signed the 1993 Maastricht Treaty and i...

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The pound has floated in currency markets against the Euro for the last eleven years. Data for the Euro-
Sterling excha...

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20) Exam Style Questions on European Economics
Here is a selection of exam-style questions on aspects of European econo...

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21) Statistical Snapshot of the European Union
A selection of key macroeconomic data for countries of the European Unio...

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22) Glossary of some key terms
This is a short glossary of some relevant micro and macroeconomic concepts that could be...

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of resources. Some jobs are lost but others are created
Creeping protectionism A period of time where import tariff rat...

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Innovation Changes to products or production processes – innovation is important in delivering
improvements in dynamic ...

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record levels. Some of the largest SWFs are in the oil-rich Middle East
Special drawing rights A unit of money created ...

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