Trade Blocs

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  • Trade Blocs
      • Higher standard of living
      • trade barriers removed
      • areas of national economy can be supported- E.G. CAP
      • Faster and smoother economic development
      • If countries become indebted member states can help bail out
      • Greater chance of peace between member nations
      • People seeking work can move between member states -E.G. EU
      • Possibility of common currency - Euro
      • non-member states badly affected- lack of trade
      • Elites can hold a disproportionate amount of power
      • loss of sovereignty
      • many countries will have to pat a large sum of money regularly to be in a trade bloc
      • Loss of some financial control- EU central bank
      • Having to share economic resources
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