Glossary

Definitions of terms used throughout CountryReports.

This glossary contains 1,144 terms used throughout CountryReports — political, economic, cultural, historical, and geographic terminology referenced in country profiles and articles. Terms are drawn from authoritative sources including the Library of Congress.

Common Agricultural Policy (CAP): First established in 1962, the CAP aims at ensuring the free trade of farm products within the European Union (EU--q.v.), guaranteeing the prices of these products, and maintaining protective tariffs against farm products from outside the EU.
European Council: A body formed when the heads of state or government of European Union (EU--q.v.) member states meet. Held at least twice a year, these meetings determine the major guidelines for the EU’s future development.
European Economic Area (EEA): An economic area encompassing all the members of the European Union (EU--q.v.) and the European Free Trade Association (EFTA--q.v.), with the exception of Switzerland. Created in May 1992, the EEA went into effect on January 1, 1994. The EEA is a single market for the free movement of labor, services, capital (with some restrictions on investments), and most products. EFTA members have agreed to accept EU regulations in many areas, including company law, education, environmental protection, mergers, and social policy.; Source: Library of Congress
European Monetary System (EMS): Established in 1979 by the European Economic Community (EEC--q.v.), the EMS was created to stabilize currency values because the Bretton Woods system (q.v.) proved not fully satisfactory. All European Union (EU--q.v.) countries are EMS members. The EMS is to be succeeded by the European Monetary Union (EMU--q.v.).
European Union (EU): Until November 1993, the EU was known as the European Community (EC). The EU comprises three communities: the European Coal and Steel Community (ECSC), the European Economic Community (EEC), and the European Atomic Energy Community (Euratom). Each community is a legally distinct body, but since 1967 they have shared common governing institutions. The EU forms more than a framework for free trade and economic cooperation: the signatories to the treaties governing the communities have agreed in principle to integrate their economies and ultimately to form a political union. Belgium, France, Italy, Luxembourg, the Netherlands, and the Federal Republic of Germany (West Germany) were charter members of the EU; Britain, Denmark, and Ireland joined on January 1, 1973; Greece became a member on January 1, 1981; and Portugal and Spain entered on January 1, 1986.; Source: Library of Congress
Maastricht Treaty: See Treaty on European Union.
Treaty on European Union: The agreement that established the European Union (EU--q.v.) in November 1993. It is usually referred to as the Maastricht Treaty, the small Dutch town where it was negotiated by the twelve European Community (EC--q.v.) members in December 1991.
Uruguay Round: The trade negotiating round, under the auspices of the General Agreement on Tariffs and Trade (GATT--q.v.), concluded at the end of 1993. It pitted the United States against France and some other European Union (EU--q.v.) states over EU agricultural subsidies, with Germany in the middle. A compromise was reached, including agreement for establishing a World Trade Organization (WTO). On January 1, 1996, GATT was succeeded by the WTO.
Western European Union (WEU): Founded in 1948 to facilitate West European cooperation in economic, social, cultural, and defense matters. Reactivated in 1984 to concentrate on the defense and disarmament concerns of its members, the WEU is headed by a council consisting of its members’ ministers of foreign affairs and defense. The council meets twice a year; lower-level WEU entities meet with greater frequency. In late 1993, WEU members consisted of Belgium, Britain, France, Germany, Greece, Italy, Luxembourg, the Netherlands, Portugal, and Spain.; Source: Library of Congress