European Union - Business Revision Notes

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The European Union 4

What is the Importance of EU Membership for Ireland? 4

The EU Institutions 4

The European Commission 5

The European Parliament 5

The European Court of Auditors 6

The Council of the European Union 6

The Court of Justice 7

The Decision Making Process in the European Union 7

What are the Role of Special Interest Groups in EU Decision Making? 8

EU Directives 9

EU Policies 9

CAP: The Common Agricultural Policy 9

CFP: The Common Fisheries Policy 10

The EU Social Charter 10

Competition Policy 11

SEM: The Single European Market 11

Significance of the SEM for Ireland 11

Challenges of the SEM for Ireland 12

The Monetary Union: The Euro 12

Advantages of the Euro 12

Disadvantages of the Euro 13

The European Union

  • The European Union is a trading bloc consisting of 28 countries. It is a single market, therefore all its members benefit from free trade.

What is the Importance of EU Membership for Ireland?

  • CAP, CFP: these EU grants help primary industries such as farming and fishing. It gives employees in this sector a better standard of living and modernises and improves the industry.
  • Attracts Transnational Companies: EU membership attracts companies who want access to the EU market to Ireland. These companies provide thousands of jobs and buy raw materials from Irish firms.
  • Grants: the EU provides grants to improve the infrastructure of Ireland. Irish businesses can transport goods faster as a result of these improvements.
  • Opportunity to Increase Profits: Irish companies now have the chance to sell their products to a market of over 500 million people without any barriers to trade. This provides a massive opportunity to increase profits.

The EU Institutions

The European Commission

  • The Commission overseas the running of the EU.
  • It consists of a representative from each member state called a Commissioner.
  • Each commissioner is a responsible for an area such as health.
  • Example: Phil Hogan from Irel...

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