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European Union
- European Commission
- This is the only institution which can propose new laws while also enforcing them.
- Near monopoly on proposing new laws
- Duty of upholding the law and treaties
- "Guardian of the Treaties"
- "Guardian of the Treaties"
- Near monopoly on proposing new laws
- It writes the EU budget and distributes any money to EU members.
- The executive arm of the Union
- This is the only institution which can propose new laws while also enforcing them.
- European Central Bank
- Central bank for the Eurozone
- Controls monetary policy
- Agenda to maintain price stability
- Agenda to maintain price stability
- Comprises all EU national banks
- The bank is governed by a board of national bank governors and a President
- The President is currently Mario Draghi
- The bank is governed by a board of national bank governors and a President
- Central bank for the Eurozone
- Single European Market
- Trade block which is composed of a free trade area (for goods)
- Common prices on product regulation
- Freedom of movement of the factors of production, enterprise and services
- The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them
- The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them
- The physical, technical and fiscal barriers among the member states are removed
- (Borders, standards and tax barriers)
- (Borders, standards and tax barriers)
- Common prices on product regulation
- Advantages
- Factors of production become more efficiently allocated
- Competitive environment
- Innovate to create new products
- Innovate to create new products
- Efficient firms can benefit from economies of scale
- Factors of production become more efficiently allocated
- Disadvantages
- The instability of the system
- Over estimation of Trade benefits
- Loss of Sovereignty
- Deflationary tendencies
- The instability of the system
- Trade block which is composed of a free trade area (for goods)
- EU Customs Union
- No customs are levied on goods travelling within the customs union
- Established in 1953
- The EU has to negotiate as a single entity in international trade deals
- Advantages
- Free movement of goods
- Better bargaining power
- Free movement of goods
- Disadvantages (to the UK)
- Domestic issues affecting one country is funded by the whole of the EU
- London losing its influence on the world stage
- The UK makes an annual loss in net payments
- Domestic issues affecting one country is funded by the whole of the EU
- No customs are levied on goods travelling within the customs union
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