EU Economics Common Terms and Acronyms

A selection of key terms and acronyms that students may find useful when studying the economics of the EU

1. Anti-trust: Competition rules on agreements and business practices which restrict competition and on abuse of dominant positions
2. ASEAN: An alliance of ten nations who have agreed to set up a free trade area – Association of South-East Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam)
3. Candidate countries: Countries that have applied to join the EU single market. Croatia, the Former Yugoslav Republic of Macedonia and Turkey have the status of candidate countries
4. Convergence criteria: A set of economic indicators which must be met by each Member State before it can adopt the euro. These include convergence in inflation, interest rates and fiscal deficits
5. Copenhagen Criteria - rules that define whether a country is eligible to join the European Union
6. Deepening: Moving towards closer levels of economic integration e.g. moving from a single market to a single currency
7. Economic shocks – unexpected external events affecting a domestic economy or industry
8. ETS – Emissions Trading Scheme
9. European Central Bank: The European Central Bank is responsible for the euro and European monetary policy
10. FDI – foreign direct investment
11. FSGP – Fiscal Stability and Growth Pact – an agreement between member nations in the Euro Zone to limit the size of their budget deficits in normal times
12. IMF – International Monetary Fund
13. Integration – increasingly linked and interdependent economic relationships between countries ranging from preferential trade agreements to full currency and economic union
14. Intra-industry trade – the exchange of goods and services (products) made by the same industry i.e. Honda exporting car component parts made in the UK to another Honda factory located in Eastern Europe
15. NAFTA – a three country free trade area comprising the USA, Canada and Mexico
16. Policy rate – the official monetary policy interest rate e.g. set by the ECB or Bank of England
17. Single Market: The single market guarantees the free movement of goods, people, services and capital.
18. Trade creation – where production shifts from higher cost to lower cost suppliers in countries forming a trade partnership (welfare enhancing)
19. Trade diversion – where production shifts from low-cost suppliers outside a trade bloc to higher-cost businesses inside a trade bloc (this reduces consumer welfare because it leads to higher prices)
20. WTO – World Trade Organisation

Revision notes on unemployment [20 May 2012]
Unit 2 Macro: Bank Cuts UK growth Forecast for 2012 [16 May 2012]
Grexit - Andrew Balls on Greece and the Euro [16 May 2012]
Unit 2 Macro: Model answer for revision data question [9 May 2012]
Unit 2 Macro: 10 Key Revision Topics for EdExcel [7 May 2012]
Unit 2 Macro: Monetary Policy and Inflation Glossary [5 May 2012]
Unit 2 Macro: Trade and Balance of Payments Glossary [5 May 2012]
Macro Revision - Key Statistics on the UK Economy [4 May 2012]
Macro Revision: Putting Things in Context [29 Apr 2012]
Unit 4 Macro: The Euro Zone Crisis (Revision) [22 Apr 2012]
Unit 2 Macro: Globalisation and the Growth of Ports [10 Apr 2012]
Unit 2 Macro: Revision on Interest Rates and the Exchange Rate [3 Apr 2012]
Unit 4 Macro: Pain in Spain as Fiscal Austerity Bites [1 Apr 2012]
Unit 3 Micro: EU Imposes Further Price Cap on Mobile Phone Companies [29 Mar 2012]
Life in the Slow Lane - UK Growth in 2011 Lags the Euro Area [28 Mar 2012]
George Buckley at the Millfield Economics Society [28 Mar 2012]
Beyond the Bike - Monetary Policy in Africa [28 Mar 2012]
Unit 4 Macro: Video Resources on the Euro Crisis [10 Mar 2012]
Unit 4 Macro: Enlarging the EU [9 Mar 2012]
Unit 2 Macro: Policies to Drive Economic Recovery [9 Mar 2012]
Unit 2 Macro: News Videos on the German Economy [9 Mar 2012]
Unit 2 Macro: Might Oil Prices Bring another Recession? [4 Mar 2012]
Pinterest: Board on Developments in the EU Economy [19 Feb 2012]
Unit 4 Macro: King on the UK Economy [15 Feb 2012]
Unit 2 Macro: China’s Trade Engine is Spluttering [10 Feb 2012]
Martin Wolf on Global Shocks [10 Feb 2012]
Trucks are the new way of measuring debt [1 Feb 2012]
Unit 4 Macro: Russia Joins the WTO [22 Jan 2012]
Unit 4 Macro: France loses her AAA credit rating [15 Jan 2012]
Unit 1 Micro: Low Cost Airlines Beat the Recession [1 Jan 2012]
Unit 4 Macro: Exchange Rate Economics - Where next for the US Dollar? [31 Dec 2011]
European Economics: Resources on the CAP [28 Dec 2011]
The Eurozone Crisis Explained (again!) [22 Dec 2011]
Unit 4 Macro: Celebrating (?) Ten Years of Euro Notes and Coins [2 Dec 2011]
Beyond the Bike - The Value of Money [19 Nov 2011]
Unit 2 Macro: Should the EU introduce a Tobin Tax? [14 Nov 2011]
AS Macro: The State of British Business [13 Nov 2011]
Eurozone crisis - a selection of resources [12 Nov 2011]
Why Is Macroeconomics Such A Mess? [11 Oct 2011]
Greek debt decision tree [25 Sep 2011]
Unit 4 Macro: Greek Economy at Default’s Door [25 Sep 2011]
Unit 2 Macro: Greece on the Brink of Default [25 Sep 2011]
Unit 4 Macro: IMF Flags up Risks of Double Dip [20 Sep 2011]
Mixing with the Nobel Economists [4 Sep 2011]
hiphopnomics [31 Jul 2011]
AQA ECON4 Context [20 Jun 2011]
PIIGS on the chopping block? [24 May 2011]
AS Macro Key Term: Recession [23 May 2011]
AQA A2 Economics - European Context [23 May 2011]
EU Economics: Comparing the UK with Europe [14 May 2011]
Interest Rates Held at 0.5% once again [5 May 2011]
A2 Macro: Chinese investment in the EU [3 May 2011]
AS Micro: Rising Global Food Prices [2 May 2011]
Video Clips on the Chinese Economy [1 May 2011]
EU Enlargement - Evaluating the Impact [30 Apr 2011]
A2 Micro: EU Aviation - State Aid and State Ownership [28 Apr 2011]
AS and A2 Macro Revision: The China Effect [26 Apr 2011]
Focus on Ireland’s Economy [12 Apr 2011]
OCR F585 June 2011: Euro Area on the Rocks? [11 Apr 2011]
AS Macro Key Term: Monetary Policy Tightening [11 Apr 2011]
AS Micro: The volatile price of crude oil [9 Apr 2011]
A2 Macro: Paul Mason’s blogs on the Euro Crisis [7 Apr 2011]
ECB breaks rank and raises interest rates [7 Apr 2011]
EU Economics - Portugal Reaches for Bail Out [6 Apr 2011]
Focus on Poland [5 Apr 2011]
Tutor2u Visits Madrid! [4 Apr 2011]
A2 Micro: Updates on Competition Issues [2 Apr 2011]
AS Macro Key Term: Relative deflation [2 Apr 2011]
OCR F585 June 2011: Competitiveness [31 Mar 2011]
OCR F585 June 2011: Data Charts (2) [30 Mar 2011]
OCR F585 June 2011: Data Charts [30 Mar 2011]
Poor human capital in Portugal [25 Mar 2011]
Timetric: Currency movements against the Euro [16 Mar 2011]
Focus on Spain [16 Mar 2011]
Timetric: Comparative prices in the EU single market [15 Mar 2011]
EU Economics - Video Resources for Teaching [15 Mar 2011]
EU Economics: Guardian “New Europe” Interactive Data [14 Mar 2011]
Timetric: Price convergence within the EU [13 Mar 2011]
Timetric: Unemployment Rates for Selected Countries [12 Mar 2011]
EU Economics: How far is the Eurozone away from being an OCA? [12 Mar 2011]
Ireland - Mass Unemployment and Shrinking GDP [10 Mar 2011]
EU Economics: Germany leads Euro Zone revival [25 Feb 2011]
5 Fresh Links: Videos to attract FDI [4 Feb 2011]
EU Economics: Hopes for a low carbon future in Europe [3 Feb 2011]
Globalisation - Peering into the MIST? [1 Feb 2011]
WTO finds Boeing guilty of using illegal subsidies [1 Feb 2011]
5 Fresh Links: Reforming the EU Common Agricultural Policy [25 Jan 2011]
EU Economics: Is 2011 the year the euro will fall? [9 Jan 2011]
Firefox overtakes IE in the EU Browser Market [5 Jan 2011]
Economics Q&A: Why might Europe’s weaker economies struggle to grow in the next few years? [2 Jan 2011]
EU Economics: European 2011 Revision Guide Launched [31 Dec 2010]
Legal Cooperation between Businesses [30 Dec 2010]
Links to articles on the EU Economy [29 Dec 2010]
EU Economics: EU Economy in Charts Jan 2011 [29 Dec 2010]
EU Economics: Estonia joins the Euro [27 Dec 2010]
EU Economics: European Fiscal Austerity Measures [24 Dec 2010]
EU Economy: Focus on Inflation [16 Dec 2010]
OCR A2 Economics F585 (Feb 2011) - Suggested Reading [7 Dec 2010]
EU has to reduce its import barriers [4 Dec 2010]
iLand - Shareholders and Taxpayers feel the Pain [24 Nov 2010]

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