This document discusses regional economic integration agreements. It provides examples of major integration agreements like the European Union (EU), North American Free Trade Agreement (NAFTA), and Gulf Cooperation Council (GCC). It outlines different levels of integration from free trade to political union. Benefits include greater wealth and cooperation while costs include loss of national sovereignty and impediments when groups lose out.
The document discusses the importance of knowledge of international business for management students. A student pursuing a management degree may find themselves placed in a foreign country after graduation, so understanding international business helps prepare them mentally for an unfamiliar environment abroad. Regional economic integration is also discussed as an important topic within an international business course.
This document provides an overview of regional economic integration agreements. It discusses the objectives of economic integration such as strengthening political ties and improving bargaining power. It describes different levels of integration from free trade areas to economic unions. Examples of regional agreements discussed include the European Union, NAFTA, MERCOSUR, and ASEAN. The EU eliminated trade barriers and allowed free movement of goods, services, and factors of production. NAFTA achieved trade liberalization between the US, Canada, and Mexico. Regional agreements in Latin America and Southeast Asia aimed to accelerate economic development among developing countries.
The document discusses regional economic integration and different levels of integration between countries. It defines various types of integration agreements like preferential trade areas, free trade areas, customs unions, common markets, and economic unions. It explains that preferential trade areas provide lower trade barriers between member countries than with non-members, while free trade areas remove all trade barriers but maintain external barriers. Customs unions remove internal barriers and adopt a common external trade policy. Common markets allow free movement of goods, services, labor and capital. Economic unions require harmonized economic and fiscal policies along with a common currency. Regional integration can bring economic and political benefits like increased trade, investment, market size and cooperation, but may also result in trade diversion and shifts in employment.
egional economic integration
,
levels of economic integration
,
free trade area b) customs union c) common marke
,
the political case for regional integration
,
the economic case for regional integration
,
mercosur
,
regional economic integration in europe
,
evolution of the european union
,
impediments to integration
,
the case against regional integration
,
the andean community
,
classroom performance system
,
the north american free trade agreement
,
asia-pacific economic cooperation
,
regional economic integration elsewhere
,
regional trade blocs in africa
,
political structure of the european union
,
enlargement of the european union
,
the single european act
,
the establishment of the euro
,
central american common market and caricom
This document outlines the agenda for a class that discusses various economic integration agreements including ASEAN, EU, NAFTA, and WTO. It includes topics such as the history and development of these organizations, their key principles and agreements, benefits and challenges of economic integration, and case studies of specific integration regions. Students will learn about the member countries, institutions, and goals of integration bodies. They will also analyze trade data, barriers, and impacts of integration between countries and regions through group assignments, presentations, and discussion.
Economic integration involves reducing trade barriers between countries through international agreements or regional partnerships. The main approaches are multilateral cooperation under the WTO or smaller regional blocs. Integration provides benefits like increased trade opportunities and employment but can also divert trade away from non-member states. Deeper integration involves moving from preferential trade areas and free trade zones to customs unions and common markets with coordinated economic policies and freedom of movement. The European Union represents the most integrated model as both an economic and political union.
Economic integration and levels of integrationMahadi Hasan
The document discusses different levels of economic integration globally, including free trade areas, customs unions, common markets, economic unions, and political unions. It provides examples for each type of integration, such as NAFTA for a free trade area and the European Union as both an economic and political union. The highest level of integration is a political union, where members subordinate national political interests to a multistate organization.
Regional trade blocs are preferential trade agreements between subsets of countries that remove trade barriers within member countries and refer to regional trade integration. Major trade blocs include the EU, NAFTA, MERCOSUR, ASEAN, and SAARC. Trade blocs imply reducing barriers to trade and involve discriminated trade liberalization and deeper forms of integration like harmonizing competition policies. They are motivated by desires to import development regionally, insulate from the global economy, and pursue both economic and political objectives through exchanging concessions between a small number of countries. Trade blocs can take the form of free trade areas, customs unions, common markets, or economic unions and provide benefits like eliminating transaction costs while potential disadvantages include instability, over
Regional economic integration refers to agreements between countries in a geographic region to reduce trade barriers and promote free trade. There are different levels of economic integration ranging from free trade areas to political unions. The European Union is an example of an imperfect economic union working towards partial political union. NAFTA is a free trade area between the US, Canada, and Mexico that has both benefits and criticisms. Other regional trade blocs discussed include ASEAN, APEC, MERCOSUR, and proposals for a Free Trade Area of the Americas. Regional integration presents both opportunities and threats for international managers to consider.
Lecture no. 17 world trade organization and regional trade agreementDildar Ali
The document discusses various trade organizations and agreements including:
- The General Agreement on Tariffs and Trade (GATT) which was established in 1947 and became the World Trade Organization (WTO) in 1995.
- Important rounds of GATT negotiations including the Kennedy, Tokyo, and Uruguay rounds which established the WTO and expanded trade rules.
- Regional trade agreements like the North American Free Trade Agreement (NAFTA) between the US, Canada, and Mexico, and proposals for further agreements in other regions.
- Other existing regional organizations and trade blocs in Asia (ASEAN), South America (Mercosur), the Caribbean (CARICOM), and former Soviet states (CIS).
Information related to Regional Economic Integration. Trade policies, Pros, and Cons of International Business, ShankerDev Campus, Economy, and Finance.
This document discusses regionalism versus multilateralism in international trade. It defines multilateralism as a system of worldwide liberalization involving at least three governments working together on issues like trade and nuclear nonproliferation. Regionalism refers to preferential trade agreements between countries in a geographic region, such as the European Union, though they must meet GATT rules by eliminating trade barriers among members and not raising them against non-members. While regionalism favors regional trade partners, multilateralism promotes global free trade under principles like most favored nation status.
Regional Economic Integration in European Countrieseddie aly
The European Union (EU) was formed to promote peace, cooperation, and economic prosperity in Europe following World War 2. It has grown to include 27 member states with various levels of economic and political integration. The EU's main institutions that govern and coordinate policies are the European Council, European Commission, European Parliament, and European Court of Justice. The EU represents the highest level of regional economic integration, functioning as a single market with a common currency (euro), centralized monetary and fiscal policies, and increasing political union. While the EU has had economic benefits, issues of sovereignty, overregulation, and immigration levels have prompted debate around further expansion and Britain's membership in the bloc.
This document discusses regional integration and economic integration. It outlines the stages of economic integration from free trade areas to political unions. It provides examples of integrated economies like the European Union, NAFTA, and ASEAN. The EU was formed to prevent future wars and create closer economic cooperation between European countries. NAFTA removed tariffs and barriers between the US, Canada, and Mexico. ASEAN fosters free trade and industrial cooperation among Southeast Asian nations. Regional integration aims to increase trade, consensus, employment, and investment while reducing conflicts between countries.
International Logistics Trade Agreements And RestrictionsBhupesh Shah
International trade agreements aim to increase trade by reducing barriers and establishing rules for trade between nations. The document discusses several major trade agreements and restrictions:
1) The World Trade Organization establishes rules for international trade and resolves disputes between its 153 member states. Its goal is to promote free trade.
2) NAFTA created a free trade zone between Canada, Mexico, and the U.S., establishing rules beyond the WTO for services, investment, and other areas.
3) The European Union integrated trade policies between its 27 members and established the single market.
4) MERCOSUR promotes free trade between its five South American members and associate countries.
5) ASEAN facilitates trade between
This document discusses regional integration among developing countries from a social constructivist perspective. It first outlines the key ideas of social constructivism in international relations, namely that the international system exists through intersubjective ideas and can change as ideas change. It then uses the case study of regional integration to discuss how integration has four stages and aims to reduce discrimination, while cooperation involves concerted actions in areas of common interest. Regarding regional integration among developing countries, the document discusses how it was seen as promoting development but largely failed to increase intra-regional trade or serve as an alternative to trade with industrialized nations. It concludes that while regional integration encouraged some reforms, trade benefits were not achieved and a shift toward cooperation may be more effective.
THE WORLD TRADE ORGANIZATION’S 2012 TUNA-DOLPHIN DECISION – THE BATTLE BETWEE...Summer Smith
What Effect Does This Decision Have on U.S. Environmental Protection Measures? Is It Possible to Strike A Balance Between Free Trade and Environmental Protection?
The document discusses the history and evolution of international trade organizations from GATT to the modern World Trade Organization (WTO). It describes how GATT was established in 1947 to promote global free trade but lacked enforcement capabilities. Key points include:
- GATT negotiations led to trade liberalization but favored developed nations.
- The WTO was established in 1995 to replace GATT and provide stronger rules and a dispute resolution process.
- The WTO aims to facilitate trade through policies like most favored nation status and reducing tariffs and barriers.
- Regional trade agreements also proliferated like NAFTA, ASEAN, and the EU to liberalize trade among neighboring states.
The Uruguay Round was the largest trade negotiation ever, covering topics from agriculture to telecommunications over 7.5 years. Its goals were to reduce agricultural subsidies, lift restrictions on foreign investment, and open trade in services.
The Doha Round is the latest WTO round aiming to reform international trade through lower barriers and revised rules. It covers 20 trade areas and aims to improve prospects for developing countries. The Doha Declaration approved negotiations on agriculture, services, intellectual property, and addressing developing country issues.
India's role in the WTO is to ensure stability, predictability and more trade and prosperity for itself and other members. India benefits from most favored nation status and national treatment for its exports. It
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading of taxes and creating a unified market. However, its complex design involving both center and states coordinating poses administrative challenges. Overall, GST has the potential to simplify taxation and boost growth if its implementation addresses all stakeholders' concerns.
The document discusses Goods and Services Tax (GST) in India. It provides an overview of the current taxation system and its drawbacks. It describes the proposal for GST, which would combine multiple taxes into a single tax applied to goods and services. Key points include a dual GST model at the central and state levels, common tax base and forms, and input tax credits to reduce cascading effects. Concerns from traders are also summarized.
Aspergillosis Patient Support Meeting July 2011 - Sue HowardGraham Atherton
2 hour support meeting for patients & carers that live with aspergillosis.
Main speaker is Dr Sue Howard of Manchester University and the National Aspergillosis Centre
This document provides promotional details for two Oriflame cosmetics products. A Serum Diamond valued at 100 euros can be purchased for 42 euros. A Giordani Gold bag can be obtained for 5.95 euros when an order over 180 euros is placed from catalog 5.
El documento describe el sector servicios y sus principales actividades. El sector servicios incluye el comercio, transporte, turismo e información y comunicación. Estos servicios tienen un impacto económico positivo al facilitar el desarrollo y la comunicación, pero también pueden causar cambios negativos en el paisaje y el medio ambiente.
This document provides short profiles of several Asian fashion designers, including Sabina from Pakistan, Hee-Jung Jung from Korea, Katayama Chie from Japan, and Jason Wu from Taiwan. It discusses their educational backgrounds, inspiration for design, styles, and growth of their brands. The profiles show the diversity of Asian designers and their blending of cultural influences with innovative designs.
1) A hit man hits a woman over the head with a baseball bat in a foggy graveyard, only to discover that the victim is his wife.
2) The document outlines ideas for a thriller genre film including stock characters, settings, narrative structure, and potential actors like Danny Dyer, Jessica Alba, and Jason Statham.
3) The proposed budget for the film is £100 million, with £10 million each for Jessica Alba and Danny Dyer, and £20 million for Jason Statham.
This document discusses income inequality and different perspectives on fairness. It presents two definitions of fairness - redistributive fairness, which sees inequality as inherently unfair and advocates equalizing rewards, and meritocratic fairness, which believes fairness means matching reward to merit. The document also discusses measurement challenges, how governments can impact inequality through policies, and strategies to help the poor.
Optimising integrated campaigns in Asia PacificKantar
This document discusses optimizing integrated marketing campaigns in Asia Pacific. It finds that while TV still drives awareness, online and other channels are more important for engagement. Using multiple channels broadens brand impact and delivers synergistic benefits. Online advertising provides good cost efficiency due to its relatively low cost. The document recommends using multiple channels to maximize reach and impact, leveraging online advertising, and ensuring creative content is optimized for each channel.
A música fala sobre buscar consolo e sabedoria nas horas difíceis através da fé em Virgem Maria, que traz palavras de esperança e conselho de que devemos apenas "deixar prá lá" e acreditar que tudo vai se resolver.
Cantinart is a boutique design agency that has been providing design and marketing solutions since 2001. They focus on helping clients understand, develop, and promote their products and businesses. Cantinart offers a range of services including brand identity, web design, advertising, and complex marketing strategies. Their goal is to help clients grow their ideas and make their businesses more profitable through definitive design.
Economic integration involves reducing trade barriers between countries through preferential trading agreements, free trade areas, customs unions, common markets, economic unions, and political unions. It aims to lower costs for consumers and producers and increase trade. The levels of integration vary in the degree of trade liberalization and policy coordination. Examples include NAFTA, EU, and ASEAN. Economic integration can create trade but also divert it, and brings both short-term shifts in production and long-term impacts like lower costs and increased competition. It creates single markets but differences across cultures and practices pose challenges for businesses.
B416 The Evolution Of Global Economies Lecture 6 International Trade Organisa...Pearson College London
The document summarizes key points about international trade organizations and regional economic integration. It discusses the World Trade Organization (WTO) as the major body governing global trade agreements and enforcement. It also describes different forms of regional economic integration like free trade areas, customs unions, and common markets. Examples of major regional trading blocs are provided, such as the European Union, NAFTA, ASEAN, and groups in Africa and the Americas. The impacts of regional integration on trade flows and economic development are also summarized.
The document discusses various forms of cross-national cooperation and trade agreements. It describes how the North American Free Trade Agreement (NAFTA) positively impacted Walmart's success in Mexico by reducing tariffs, improving transportation infrastructure, and allowing foreign investment. NAFTA encouraged lower costs for Walmart in Mexico through cheaper labor and imports. The document also provides overviews of other trade organizations like the World Trade Organization (WTO) and regional economic groups around the world.
Cross national cooperation and agreements pptSachin Bohra
The document discusses cross-national cooperation through various international and regional trade agreements and economic integration efforts. It describes the World Trade Organization (WTO) and its role in facilitating global free trade. Various types and examples of regional economic integration are also outlined, including the European Union, NAFTA, and ASEAN. The key effects and structures of economic integration agreements are summarized.
The document discusses GATT (General Agreement on Tariffs and Trade), the WTO (World Trade Organization), and regional trading blocs. It provides background on GATT, including its founding in 1947 with 23 members and purpose of reducing tariffs. It then discusses the establishment of the WTO in 1995 to replace GATT and regulate international trade. Finally, it examines some major regional trading blocs like the European Union, NAFTA, ASEAN, SAARC, and SAFTA, providing brief overviews of their history, members, and objectives in promoting regional economic integration and trade.
The document discusses different types of regional economic integration agreements including free trade areas, customs unions, common markets, and economic unions. It then provides examples of regional integration in Europe through the European Union and in the Americas through agreements like NAFTA, MERCOSUR, and attempts to create a Free Trade Area of the Americas. The benefits and challenges of regional integration are also examined.
The document discusses different levels of economic integration between countries, ranging from free trade areas to economic unions. It examines the costs and benefits of integration, including trade creation and diversion. The European Union represents the highest level of integration, with free movement of goods, services, capital and people. Other regions like North America and Latin America have also pursued various economic agreements to boost trade and investment. International businesses must consider the opportunities and challenges presented by increasing economic integration between countries.
This document summarizes key concepts in international political economy and trade theory, including:
1) It discusses the pioneers of trade theory like Adam Smith and David Ricardo, including Ricardo's theory of comparative advantage.
2) It explains the Heckscher-Ohlin model of trade and how differences in factor endowments between countries leads to gains from trade.
3) It provides examples of different levels of regional integration agreements, from free trade areas to common markets like the European Union.
Learning Objectives
To review types of economic integration among countries
To examine the costs and benefits of integrative arrangements
To understand the structure of the European Union and its implications for firms within and outside Europe
To explore the emergence of other integration agreements, especially in the Americas and Asia
To suggest corporate response to advancing economic integration
Preferential trade agreements (PTAs) are trade pacts that reduce tariffs for member countries. PTAs are the first stage of economic integration, reducing trade barriers between participating nations. While they lower tariffs among members, external tariffs remain. PTAs can have benefits like trade creation, but also costs like trade diversion if members shift imports away from more efficient non-member producers. The proliferation of Asia-Pacific PTAs increases potential for both regional trade growth and trade diversion given some countries' high dispersed external tariffs.
In a highly competitive global world, mastering international business administration is becoming necessary for managers worldwide to successfully perform diverse business activities with other parties in different countries.
This document discusses economic integration and trading blocs. It defines economic integration as agreements between nations to reduce trade barriers and boost cooperation. Trading blocs are preferential trade agreements between groups of countries that establish liberal trade rules for members. The document outlines different types of trading blocs from free trade areas to political unions. It provides examples like the EU, NAFTA, ASEAN, EFTA, and SAARC. Both opportunities and threats of trading blocs are mentioned. Key aspects of major trading blocs are summarized.
This document discusses various regional trade blocs and agreements. It describes the different levels of economic integration within trade blocs from free trade areas to economic unions. It provides examples of major trade blocs like the European Union (EU), North American Free Trade Agreement (NAFTA), South-South cooperation, the South Asian Preferential Trade Agreement (SAPTA), and the India-Sri Lanka Free Trade Agreement. For each, it summarizes their founding, objectives, provisions, and implications for trade among member countries.
Project on trade blocs and trade barriersKiran Joshi
1. The document discusses trade blocs, which are agreements between countries to reduce trade barriers and promote trade within the bloc.
2. It provides examples of major trade blocs like the European Union, NAFTA, SAARC, and OPEC.
3. The objectives of trade blocs are outlined as removing trade restrictions, improving relations, encouraging resource sharing, establishing collective bargaining, and promoting economic growth among member nations.
The document provides information on the history and development of the World Trade Organization (WTO) and various regional trading blocs. It discusses how the WTO was established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT) and outlines some of the WTO's main activities. It also summarizes four major regional trading blocs - the European Union, ASEAN, Mercosur, and NAFTA - and provides some key details about their founding, goals, and membership.
The document summarizes types of regional integration agreements including free trade areas, customs unions, and common markets. It provides examples such as the European Union, NAFTA, and CAFTA. The EU started in 1957 and now has 27 members. Regional agreements can create trade by reducing barriers or divert trade away from non-member states. Success of integration depends on similarities between members in factors like wealth, development, and political systems.
The document discusses various international and regional trade organizations and agreements. It provides an overview of the General Agreement on Tariffs and Trade (GATT), including its origins and achievements. It then summarizes the World Trade Organization (WTO), including its objectives and core agreements on trade-related investment measures, intellectual property, and other issues. Several regional trade blocs and agreements are also summarized such as the European Union, North American Free Trade Agreement, Association of Southeast Asian Nations Free Trade Area, and others.
This document discusses different levels of economic integration between countries, including free trade areas, customs unions, economic unions, and political unions. It provides examples of regional agreements like the EU, NAFTA, MERCOSUR, and APEC. A free trade area removes barriers to trade between members but each country sets its own policies for non-members. A customs union also eliminates barriers to trade but has a common external trade policy. An economic union further includes a common monetary policy, fiscal policy, tax rates, and currency. The highest level of integration is a political union with a shared governing bureaucracy.
The document discusses the history and evolution of international trade organizations from GATT to the modern World Trade Organization (WTO). It describes how GATT was established in 1947 to promote global free trade but lacked enforcement capabilities. Key points include:
- GATT negotiations led to trade liberalization but favored developed nations.
- The WTO was established in 1995 to replace GATT and provide stronger rules and a dispute resolution process.
- The document also outlines important regional trade agreements like NAFTA, ASEAN, and EU/US negotiations on T-TIP.
- Both global and regional approaches aim to reduce trade barriers but have different impacts on developed vs. developing economies.
This chapter discusses cross-national cooperation and agreements. It profiles the World Trade Organization and its role in determining global trade rules. It then examines different forms of regional economic integration like free trade agreements and customs unions. It analyzes the potential static and dynamic effects of integration, including trade creation and diversion. Major regional trading blocs like the European Union and North American Free Trade Agreement are then described in detail, including their historical development, organizational structure, and challenges.
Units States Economic History Lecture 15Gale Pooley
This document outlines the key periods in the economic history of the United States from 1776 to the present. It discusses 12 major eras, including the triumph of capitalism from 1865 to 1914 which saw major innovations but also financial panics, as well as the Golden Age of growth from 1945 to 1970 following World War II and the stagflation period of the 1970s. The document provides an overview of the major economic and historical events that defined and impacted different periods of American economic development.
Economic History of the United States - Lecture 9Gale Pooley
This document provides a summary of the economic history of the United States, focusing on the development of the petroleum industry:
1) Whale oil was originally used for lighting, but demand increased as whale populations declined, causing prices to rise and spurring the search for alternatives like petroleum.
2) Samuel Kier discovered oil as a byproduct in a Pennsylvania salt mine in the 1840s, leading George Bissell and Benjamin Sillman to experiment with distilling petroleum into useful products like kerosene.
3) In 1859, Colonel Drake drilled the first successful oil well in Titusville, Pennsylvania, launching the American petroleum industry and leading to the development of key petroleum
Econ 1740 Economic History of the U.S. Lecture 7Gale Pooley
This document summarizes key topics in economic history and innovation. It discusses major US land acquisitions between 1784-1867 and the dramatic growth in land area. It also profiles Alexander Graham Bell and Thomas Edison, pioneers in telecommunications and electricity. Additionally, it outlines the different "capitals" that drive innovation, including physical, human, intellectual, and financial capital, as well as the roles of inventors, entrepreneurs, and free markets in bringing inventions to market as innovations.
Economic History of the United States - Lecture 4Gale Pooley
This document appears to be lecture notes on the economic history of the United States. It includes the following sections: a practice quiz with 3 questions; instructions for a midterm essay assignment; a list of dates, places, and industries; and sections discussing various types of capital including wealth, cultural capital, idea capital, physical capital, human capital, and intellectual capital. Key terms like entrepreneurship, free markets, innovations, property rights, and rule of law are also mentioned in relation to the country's economic development over time.
Economic History of the United States - Lecture 4Gale Pooley
This document discusses the economic history of the United States and capitalism in America. It introduces some practice quiz questions about innovators, themes, and early American energy resources. It also discusses different types of capital like physical, human, intellectual, and financial capital. Cultural capital is defined as how people treat each other and is determined by the worldview of leaders, which includes political, legal, and economic factors. Property rights and the rule of law are also mentioned.
Economic History of the United States - Lecture 2Gale Pooley
The document discusses markets and how they function. A market is where buyers and sellers can discover value by finding someone better at solving a problem. For a trade to occur, the buyer and seller must have overlapping value ranges at a single agreed upon price. The world has seen tremendous economic growth over the past 200 years as population and life expectancy have increased many times over while per capita income has risen by a factor of over 16. Markets convey information through prices more so than just reporting quantities. Shanghai has rapidly developed from 1990 to 2013.
Economic History of the United States - Lecture 1Gale Pooley
This document contains the syllabus and introductory lecture slides for an economics history course taught by Dr. Gale Pooley. The course will cover the economic history of the United States through readings, writing assignments, quizzes and exams. Key concepts that will be discussed include the finite nature of resources requiring correction through innovation and knowledge, with economics defined as the study of how human beings create value through discovering knowledge. A timeline of economic growth from 1 AD to the present day is also included.
Economic History of the United States - Lecture 3Gale Pooley
The document discusses key inventions and their impacts on the U.S. economy from 1793 to 2012. It notes Eli Whitney's cotton gin in 1793 increased cotton productivity 50 times. Samuel Morse's telegraph in 1844 connected Washington D.C. It also shows U.S. farmers made up 90% of employment in 1800 but just 2% by 2012, as technology like gasoline engines replaced manual farm labor.
7. Levels of Integration Free Trade - Removing
barriers between each
other.
Political Union
Customs - Free Trade plus
Economic Union
common external trade
EU policy
Common Market
Customs Common Market -
Customs plus free flow of
Free factors of production.
Trade
Economic Union - Common
Market plus common
currency and tax rates.
Political Union - Economic
Union plus unified political
management.
NAFTA
13. Impediments
Integration
Nations win, groups lose
National Sovereignty
14. Euros Benefits
• Lower costs
17 of the 27 EU • Easier to compare
• Efficiency
• Liquidity
• New opportunities
Costs
• Lose control
• Not optimal currency area
• Currency should follow
political union