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From Europe to Euro

From Europe to Euro. Elisabeth Prugl, Co-Director Miami-Florida European Union Center of Excellence. What is the EU?. State? International Organization? Economic Union. Outline of Presentation. Concepts Economic Integration Intergovernmentalism vs. Supranationalism History

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From Europe to Euro

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  1. From Europe to Euro Elisabeth Prugl, Co-Director Miami-Florida European Union Center of Excellence

  2. What is the EU? • State? • International Organization? • Economic Union

  3. Outline of Presentation • Concepts • Economic Integration • Intergovernmentalism vs. Supranationalism • History • Widening and Deepening

  4. Economic Integration • Free Trade Area • Free movement of goods and services • Custom’s Union • Common external tariff • Common Market • Free movement of capital and labor • Economic Union • Common policies (including monetary policy)

  5. Integration with strong state control Every state should be allowed veto Integration with supra-national institutions There should be majority voting Intergovernmentalism Supranationalism

  6. Decision-making European Commission European Parliament Council of the EU

  7. Commission • “Guardian of the Treaty” • Proposes legislation • Executive • 27 Commissioners and Bureaucracy in Brussels

  8. Parliament • Directly elected by European citizens (875 members) • With the Council, passes legislation

  9. Council • Ministers from member states • Main decision-making body • Rotating presidency

  10. Court of Justice • Ensures that European laws are interpreted and applied correctly and uniformly

  11. History

  12. European Coal and Steel Community (ECSC) • 1951 • Heavy industry (coal and steel) put under European management • Creates institutions

  13. Treaties of Rome • 1957 • European Economic Community (EEC) • Envisions customs union, common market • “Ever closer union” • European Atomic Energy Community (EURATOM)

  14. 1960s • Completion of Customs Union • Development of Common Agricultural Policy • Reintroduction of veto (Charles De Gaulle)

  15. 1970s • First Enlargement • 1973 • Denmark, Ireland, United Kingdom • “Eurosclerosis”

  16. 1980s: Widening and Deepening • Mediterranean Enlargement • 1981: Greece • 1986: Spain, Portugal • EU 12 • Single European Act

  17. Single European Act • 1986 • “Relance” • 1992 deadline for the completion of the common market • Eliminate physical, technical, fiscal barriers • Introduces qualified majority voting in the Council

  18. 1989 • Fall of Berlin Wall • Prospect of unifying all of Europe • German unification (1990) • “hidden enlargement”

  19. 1990s: Deepening and Widening • Maastricht Treaty (1993) • “Treaty of European Union” • Monetary Union (Euro) • Political Union (common foreign and security policy) • More power to the parliament • Difficult process of ratification • Enlargement: Austria, Sweden, Finland join the EU in 1995

  20. EU 15

  21. The Euro • Convergence Criteria • 1999: Euro launched as unit of account for 11 member states • 2002: Euro notes and coins replace national currencies in 12 member states

  22. Deepening and Widening the 21st Century • Enlargements: • Eastern enlargement adds 12 new countries (2004 and 2007) • Effort to write constitutional treaty – problems with ratification • Treaty of Lisbon 2007 • Change in voting • “Foreign Minister” • Voted down in Ireland

  23. EU vs. Euro Area • Euro area:Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain. • EU Member States obliged to adopt the euro eventually: Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Sweden. • EU Member States with an opt out from adopting the euro: Denmark, United Kingdom.

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