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UT - GEOG 101 - Class Notes - Week 8

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UT - GEOG 101 - Class Notes - Week 8

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background image European Union Sovereignty
Definition: the authority a nation-state has over a particularly 
geographic area
- In order to be sovereign, other states have to recognize its  authority as a state Economy of Scale- the reduction in the unit of cost production 
that occurs when goods or services are mass produced, resulting 
in increased profits per unit
Standards for EU membership
1. Political stability
2. Democratically elected government
3. Constitution reflects EU Standards
4. Market Economy (capitalist)
5. Open to foreign investment
6. Well-controlled banks
7. Farms/ industries must comply with EU regulations for quality
and the government 28 MEMBERS in the EU
Who is famously not in the EU?
- Norway, Iceland, and Switzerland they are powerful enough individually (economic, currency, social programs, etc.…) 
and don’t need the EU
EU Membership- 28 members 1. Pay membership dies
2. Vote on common laws
3. Citizens of the member states are EU Citizens
a. Thus, citizens can move freely across boarders; this is  also known as the Schengen Area (made for 
4. EU currency is the Euro UK voted to withdraw from the EU- Brexit= Britain + exit
The U.K.’s prospective withdrawal from the E.U. is widely known 
as Brexit.
So… what is/ was this about a financial crisis?
- the case of Greece: had high inflation and a lot of debt (lied to 
get in)
background image - the case of Italy: deficit was too high, so they created a tax 
2009 is when Greece’s government revealed the real numbers 
associated with their deficit
E.U. Response to their financial crisis
- European Economic Union
- stronger rules that limit the amount of debt and deficits each 
country can have (<5% of GDP)
- Increased supervision over banks and their capital
- Protect the Euro with the European Stability Mechanism (loans $ 
to countries who banks refuse to lend to)
- Europe 2020 Growth Strategy with targeted investments into 
research, transportation, energy and high-speed internet
E.U. Institutions
E.U.’s Major Institution E.U. Parliament - Representatives are elected by EU citizens
- Approve E.U. Budget
- Oversee the European Commission and the council of 
Ministers European Commission - Propose new laws
- Implementing passed legislation
Council of Ministers NOW Council of the E.U. - different department heads from each country come  together to work on common issues and goals (ex. 
agriculture, energy)

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School: University of Tennessee - Knoxville
Department: Geography
Course: World Geography
Professor: Neil Conner
Term: Winter 2016
Tags: Geography101, utk, utk. university of tennessee, and exam
Name: European Union Notes- geography 101
Description: these notes cover the E.U., which will be on the unit 2 test over Europe!
Uploaded: 10/10/2017
3 Pages 51 Views 40 Unlocks
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