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Economic integration in post-WW2 Europe played a pivotal role in rebuilding nations and preventing future conflicts. It involves reducing trade barriers and coordinating policies to promote shared prosperity. The European Economic Community and the European Union are key examples, with the latter facing challenges like the financial crisis and Brexit.
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Economic integration refers to the reduction or elimination of trade barriers and coordination of economic policies among countries in a region to promote economic cooperation and shared prosperity
Preferential Trade Area
A Preferential Trade Area offers reduced tariffs for certain products from participating countries
Free Trade Area
A Free Trade Area removes tariffs between member countries
Customs Union
A Customs Union adds a common external tariff to the mix
Economic integration can lead to improved economic efficiency, increased competition, and strengthened international relations, but it also presents challenges such as potential loss of national sovereignty and economic disparities between regions
Regional Economic Integration involves countries within a particular geographic area
Multinational Economic Integration encompasses agreements between countries regardless of location
Social Economic Integration includes policies that extend beyond economics to areas such as education and social welfare
The devastation of World War II led to a consensus on the need for closer economic ties in Europe to rebuild economies and prevent future conflicts
Council for Mutual Economic Assistance (COMECON)
The Eastern bloc formed COMECON to facilitate economic cooperation among communist states
Organisation for European Economic Cooperation (OEEC)
Western Europe formed the OEEC to manage the Marshall Plan funds and support economic reconstruction
European Economic Community (EEC)
The EEC aimed to foster deeper economic integration among its member states, eventually transforming into the European Union
Eurozone
The Eurozone consists of EU member states that have adopted the Euro as their official currency
00
Economic integration involves reducing trade ______ and aligning ______ policies among countries.
barriers
economic
01
Preferential Trade Area Characteristics
Reduced tariffs for certain products, non-universal tariff reduction, example: Trans-Pacific Partnership.
02
Difference: Customs Union vs Free Trade Area
Customs Union adds common external tariff to Free Trade Area's internal tariff elimination, example: EU.
