Theme of the lecture № 11. Trade and economic cooperation in Europe

Thesis:

The European Union (the official name, in abbreviated form - EU) – political and economic integration association of 27 countries of Europe: Germany, France, Italy, Belgium, Netherlands, Luxembourg, Great Britain, Denmark, Ireland, Greece, Spain, Portugal, Austria, Finland, Sweden, Hungary, Cyprus, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia, Czech Republic, Estonia, Bulgaria and Romania.

Main goals of the Union and its power are defined by the Uniform European act (1987), Maastricht (1992), Amsterdam (1999) and Nizzsky (2001) contracts.

On October 29, 2004 in Rome there took place ceremony of signing of the Constitution which acceptance will require its ratification by all EU member states, urged to replace the Roman, Maastricht, Amsterdam and Nizzsky contracts (with the appendix of insignificant number of additional protocols). In it offers on new institutional structure of the European Union and its functioning are brought together. Thereby basic legal documents of EU will be significantly simplified.

The Maastricht Treaty (formally, the Treaty on European Union or TEU) was signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty. Upon its entry into force on 1 November 1993 during the Delors Commission, it created the European Union and led to the creation of the single European currency, the euro. The Maastricht Treaty has been amended by the treaties of Amsterdam, Nice and Lisbon. See also Treaties of the European Union.

The European Free Trade Association (EFTA) is a free trade organisation between four European countries that operates in parallel with – and is linked to – the European Union (EU). The EFTA was established on 3 May 1960 as a trade bloc-alternative for European states who were either unable or unwilling to join the then-European Economic Community (EEC) which has now become the EU. The Stockholm Convention, establishing the EFTA, was signed on 4 January 1960 in the Swedish capital by seven countries (known as the "outer seven").

The economy of the European Union generates a GDP of over €12.894 trillion (US$16.566 trillion in 2012) according to Eurostat, making it the largest economy in the world. The European Union (EU) economy consists of an Internal Market and the EU is represented as a unified entity in the World Trade Organization (WTO).

The twelve new member states of the European Union have enjoyed a higher average percentage growth rate than their elder members of the EU. Slovakia has the highest GDP growth in the period 2005–2011 among all countries of the European Union. Notably the Baltic states have achieved massive GDP growth, with Latvia topping 11%, close to China, the world leader at 9% on average for the past 25 years (though these gains have been in great part cancelled by the late-2000's recession).

Literature: 1-36.