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ECONOMIC AND MONETARY ISSUES, PAGANO LUIGI 5A SIA - Coggle Diagram
ECONOMIC AND MONETARY ISSUES
PRODUCTION AND GROWTTH
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.
THE QUOTA SYSTEM
A quota is a trade restriction imposed by the government in order to limit the number, or in certaain case the value, of goods and services that can be imported or exported during a particular period
EUROPEAN STANDARDS
Standard are technical specifications defining specific products and services requirements.
Standard ensure safety, reduce costs and technical barriers in order to facilitate procedures.
They may deal with
chemicals which companies have to register and provide information about, in order to minimise health and environmental hazards
dispute resolution, where citiziens are assisted in the case of damages and complaints
consumer protection
air pollution levels
pre-packaging and units measurement
MASS PRODUCTION
It allows all member states to produce large quantities of food, clothes and sell them to other countries
ECONOMIC AND MONETARY UNION
The Treaty of Maastricht estabilished the stages to achieve monetary union in Europe.
This had a huge impact on economic and financial matters
On 1st January 1999 eleven Eu currencies disappeared and were replaced by euro
It wasn't until 1st January 2002 that euro coins and notes were physically introduced. The benefits of this currency are
Advantages in international trades
Spending money without exchange it
EUROPEAN CENTRAL BANK (ECB)
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 main purpose is to mantain price stability for those countries that adopt the euro as their currency
NON-EURO COUNTRIES
Some of the countries of EU have not adopted the euro as a currency yet.
Some are still waiting to satisfy all the necessary requirements while others such as UK think that their own currency can save their country from the global crisis
PAGANO LUIGI
5A SIA