Overview of the European Union and Global Economy

These flashcards cover key concepts related to the development and functions of the European Union and its relation to the global economy.

European Union (EU)

A political and economic union of European countries established to promote integration and cooperation.

Bretton Woods System

An international monetary system created in 1944 to establish rules for commercial and financial relations among major industrial states.

European Coal and Steel Community (ECSC)

A treaty established in 1951 that aimed for economic integration among founding countries focusing on coal and steel.

Common Market

The European Economic Community formed in 1957 to facilitate trade by abolishing tariffs and allowing free movement of goods.

Maastricht Treaty

A treaty signed in 1992 that formally established the European Union and expanded its objectives.

Trade Liberalization

The reduction or elimination of trade barriers, such as tariffs and quotas, to encourage international trade.

Brexit

The term for the United Kingdom's withdrawal from the European Union, formalized in 2020.

Schengen Zone

A group of European countries that have abolished passport and other types of border control at their mutual borders.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade, evolving from the General Agreement on Tariffs and Trade (GATT).

International Monetary Fund (IMF)

An international organization created in 1944 to promote global economic stability and facilitate international trade.

World Bank

An international financial institution that provides loans and grants to the governments of developing countries for development projects.