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ECONOMIC AND MONETAREY ISSUES - Coggle Diagram
ECONOMIC AND MONETAREY ISSUES
Trading in the EU has become easier than in the past, sicne the Union has created new market rules in order to facilitate the exchange of goods and regulate production in each country
All products and services in the EU are currently subject to specific standards.
Standard are technical specifications defining specific products and services requirements. They are devoloped by following some basic principles such as:
transparency
non-discrimination
consensus
Standards ensure satisfy, reduce costs and technical barriers in order to facilitate procedures. Standardisation rules are present in different aspects of the market
dispute resolution, whereby member state citizens are assisted in the case of damages and complaints
pree-packaging and units of measurement
consumer protection
air pollution levels
chemicals which companies have to register and provide information about, in order to minimise health and environmental hazards
After the introduction of the euro, wa talk about Economic and Monetary Union.
The Treaty of Maastricht, signed in February 1992 established the stages to achieve monetary union in Europe. As it led to:
cutting of interest rates
deficit reduction to a maximum of 3% of GDP, and limitation of inflation
In 1994 was created a European Monetary Institution(Central Bank), to monitor EU countries.
The European Central Bank based in Frankfurt, it was set up in 1998 in order to manage the euro and to control and implement the Union's economic and monetary policy.
The ECB authorises the issuing of euro banknotes and of interest rates changes