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ECONOMIC AND MONETARY ISSUES - Coggle Diagram
ECONOMIC AND MONETARY ISSUES
Production and growth
Trading in the EU has become easier than in the past
All products and services in the EU are currently subject to specific standards
European standards
Standardisation rules are present in different aspects of the market
Chemical, in order to minimise health and environmental hazards
Dispute resolution
Pre-packaging and units of measurement
Consumer protection
Air pollution levels
Mass production
Standardisation is a prerogative in order to have a common market. It allows all member states to produce large quantities of food, clothes, and IT products and sell them to other countries.
The quota system
Whithin the EU, production quotas are imposed to regulate the volume of trade between countries
Well-known quotas are those applied to the fish and milk industries
Economic and monetary Union
The Treaty of Maastricht, signed in February 1992, established the stages to achieve monetary union in Europe
In 1994, a European Monetary Istitute ( the current Central Bank)
On 1st January 1999 eleven EU currencies disappeared and were replaced by the Euro
It wasn't until 1st January 2002 that euro coins and notes were physically introduced, thus replacing national currencies
Nineteen countries have adopted the euro so far, thus forming the so-called Eurozone
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
Some of the countries belonging to the EU have not adopted the euro as a currency yet
Others like the UK or Poland think than their own currency can save them from the global crisis
The countries still to adopt the euro are nine