4. 3 big increases in EU economic
integration
1. Formation of the Customs Union, 1958- 1986
2. Single Market program, 1986-1992
3. European Economic and Monetary Union, 1992-
present
4
5. Stage of No Common Factor
Common Common
Integratio Internal External +Asset
Currency Ec. Policy
n Barriers Tarrif Mobility
FTA X
CU X X
Single Mkt X X X
Monetary
X X X X
Union
Economic
X X X X X
Union
13. What is FreeTrade?
Absence of tariffs, quotas,
or other governmental
impediments to international
trade allows each country to
SO? that it can produce
specialize in the goods
cheaply and efficiently
relative to other
countries.