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EU (yellow in notebook) - Coggle Diagram
EU (yellow in notebook)
Emergence of a single European market
Goal: Support a unified European market with regional security and economic growth, fulfilling 9 objectives:
Eliminate custom duties among member states
- removing taxes on goods that are shipped between EU countries
- no tariffs between EU countries
Eliminate obstacles that effect the free flow of import/export of goods and services between member states
Unified import taxes and trade rules, e.g. cheep steel from China
Free movement of people and capitol
- E.g. International bank lending
- E.g. ability to freely work and study abroad
Common policies in areas like agricultural, transport, technical, health and education policies
Common rules for consumer protection
- shared complaint mechanisms, dvs ways to complain
Common laws to support competition
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Common monetary/fiscal policies
- interest rates and inflation control
- shared rules on taxes, spending and debt
Challenges:
- Different cultures
- Different viewpoints on foreign issue (Ukraine-Russia)
- Every country has different rules, laws and preferences/fragmented local markets, each country has their own way of doing things
- local preferences are varied
- different packaging rules, safety standards, product labels
- not every country has adopted to EUR currency, financial integration across europe has been hard
- language barriers
Challenges:
- Opening up the EU market means more competition. Some companies might lose business to better or cheaper EU rivals. But change will be slow, since countries may still support their own businesses and economic growth takes time.
Challenges
- Differences in business institutions and regulations
=this and the other two make it hard for EU firms expanding across the EU bloc and for foreign firms looking to enter
(the blue line is you connecting that the problems with the emergence of a single european market also makes it hard for foreign companies adapting to the EU market!)
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