Bus 218 Macroeconomics Eurozone

Eurozone extra credit

by

Maria Paez

California Baptist University

Author Note

In partial fulfillment, of course requirements for Bus218

Dr. Bob Namvar

April 15th, 2018

Table of Contents

Abstract        1

History        1

Geography        1

Social Institutions        1

Religion and Aesthetics        1

Customs and Practices        1

Language        1

Living conditions        1

Uniqueness of the Culture        1

Uniqueness of the People        1

Culture Concerns        1

Economic Analysis        1

References        1

Abstract

The paper contains an overview of the Eurozone. It includes a basic background of history, language, demography, topography, culture, and religion. As well, as economic status, currency, policies, and trades.

                History

The European Union is a unified trade and monetary body of 28 member countries. Its purpose is to be more competitive in the global marketplace. At the same time, it must balance the needs of its independent fiscal and political members. The EU's 28-member countries are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom (Martin, 2014).

Geography

Europe is the second-smallest continent. Only Oceania has less landmass. Europe extends from the island nation of Iceland in the west to the Ural Mountains of Russia in the east. Europes northernmost point is the Svalbard archipelago of Norway, and it reaches as far south as the islands of Greece and Malta.

Europe is sometimes described as a peninsula of peninsulas. A peninsula is a piece of land surrounded by water on three sides. Europe is a peninsula of the Eurasian supercontinent and is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, and the Mediterranean, Black, and Caspian Seas to the south.

Social Institutions

In the EU's unique institutional set-up:

• the EU's broad priorities are set by the European Council, which brings together national and EU-level leaders
• directly elected MEPs represent European citizens in the European Parliament
• the interests of the EU as a whole are promoted by the European Commission, whose members are appointed by national governments
• governments defend their own country's national interests in the Council of the European Union.

There are 3 main institutions involved in EU legislation:

• the European Parliament, which represents the EU’s citizens and is directly elected by them;
• the Council of the European Union, which represents the governments of the individual member countries. The Presidency of the Council is shared by the member states on a rotating basis.
• the European Commission, which represents the interests of the Union as a whole.

Together, these three institutions produce through the "Ordinary Legislative Procedure" (ex "co-decision") the policies and laws that apply throughout the EU. In principle, the Commission proposes new laws, and the Parliament and Council adopt them. The Commission and the member countries then implement them, and the Commission ensures that the laws are properly applied and implemented (EUROPA. 2018).

Religion and Aesthetics

Over the last 60 years, religion in Europe has seen a strong decline. On average throughout the 27 EU countries, only half of its people believe in God, and 25.4% directly say that they have no religion. Only 16% of the populace believe in God and the Scandinavian countries are highly atheist. Estonia believe in God and the Scandinavian countries are highly atheist. But 95% believe in Malta. Two main social groups are particularly prone to belief in God; those over 55 years old and those whose education did not proceed beyond the 15-year-old stage (Fox, S).

The majority of Europeans describe themselves as Christians, divided into a large number of denominations. Christian denominations are usually classed in three categories: Catholicism, Orthodoxy and Protestantism (a diverse group including Lutheranism, Calvinism and Anglicanism as well as numerous minor denominations,

 including Baptists, Methodism, Evangelicalism, Pentecostalism, etc.). Christianity, more specifically the Catholic Church, which played an important part in the shaping of Western civilization since at least the 4th century

Customs and Practices

        If you are an entrepreneur wanting to make their company international then you need to prepare yourself for doing business differently. In some countries you may need to watch what you eat during a business meeting. If you were in India you should probably refrain from eating a juicy steak during a meeting because in India the cow is a sacred animal. By choosing to eat a steak you would be unknowingly insulting your business partner. In the European Union, the business customs aren’t very different from the customs in the United States, which makes for more peaceful business interactions. However there are a few customs that are unique to countries in the European Union. For example, in the United Kingdom, “men should not wear shirts with pockets; and if they do, the pockets should remain empty” (Martin, 2014). In the United States people would think twice about wearing a shirt with a pocket. Also in the United Kingdom, “when dinning out, toasting those who are older than you is not considered polite” (Martin, 2014). However in Japan, you would greet the oldest member of a group first as a sign of respect. This is an example of how cultures are different. In France, “if you don’t speak French, it’s appreciated if you apologize for your lack of efficiency” (Martin, 2014). In many countries in the European Union it is very common to greet someone with a kiss, so be prepared to pucker up. When someone in the United Kingdom starts touching the top of their nose, they aren’t play “nose goes”. In the UK, “rather than a fun game, the tapping indicates that what is about to be discussed should be considered private and confidential” (Brooks, 2013).