Lovely School of Management

Department of Management
Name of the faculty member: Sunil Buddhiraja
Course No.: COM 711
Course Title: CURRENT SIIUES IN BUSINESS – I
Class: B.com (p)-MBA (Dual Degree)
Max.:Marks 20

European Economic Area

 EFTA member countries (except Switzerland)
European Union member-states

Union type Economic market

Established 1994
Members 30 full member
Algeria, Belgium, Bulgaria, Cyprus, Czech
Republic, Denmark, Finland, Estonia, France,
Germany, Greece, Hungary, Iceland, Ireland, Italy,
Latvia, Liechtenstein, Lithuania, Luxembourg ,Malta,
Netherlands, Norway, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, United Kingdom

Basis EEA Agreement

Institutions EEA Council
EU Commission
EFTA SA
ECJ
EFTA Court
Affiliated European Union
with European Free Trade Area
Statistics
Population 506,465,094
 The European Economic Area (EEA) was established on
1 January 1994 following an agreement between the member states of the European Free Trade
Association (EFTA) and the European Community, later the European Union (EU). Specifically, it
allows Iceland, Liechtenstein and Norway to participate in the EU's single market without a
conventional EU membership. In exchange, they are obliged to adopt all EU legislation related to the
single market, except those pieces of legislation that relate to agriculture and fisheries.
•
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Membership

The EEA Agreement was signed in Porto on 2 May 1992 by the then seven states of the European
Free Trade Association (EFTA), the European Community (EC) and its then 12member states. On
6 December 1992, Switzerland's voters rejected the ratification of the agreement in a
constitutionally-mandated referendum, effectively freezing the application for EC membership
submitted earlier in the year. Switzerland is instead linked to the EU by a series of bilateral
agreements. On 1 January 1995, three erstwhile members of EFTA—Austria, Finland and Sweden
—acceded to the European Union, which superseded the European Community upon the entry into
force of the Maastricht Treaty on 1 November 1993. Liechtenstein's participation in the EEA was
delayed until 1 May 1995.

At present, the contracting parties to the EEA Agreement are the EU and its 27 members plus
Iceland, Liechtenstein and Norway. Turkey and Ukraine could join the EEA immediately, due to
fewer obstacles than full EU membership.

Rights and obligations

The EEA is based on the same "four freedoms" as the European Community: the free movement
of goods, persons, services, and capital among the EEA countries. Thus, the EFTA countries that
are part of the EEA enjoy free trade with the European Union. As a counterpart, these countries
have to adopt part of the Law of the European Union. These states have little influence on
decision-making processes in Brussels. The EFTA countries that are part of the EEA do not bear
the financial burdens associated with EU membership, although they contribute financially to the
European single market. After the EU/EEA enlargement of 2004 there was a tenfold increase in
the financial contribution of the EEA States, in particular Norway, to social and economic
cohesion in the Internal Market (€1167 million over five years). EFTA countries do not receive
any funding from EU policies and development funds.

LEGALISATION

The non EU members of the EEA (Iceland, Liechtenstein and Norway) have agreed to enact
legislation similar to that passed in the EU in the areas of social policy, protection,
environment, company law and statistics. These are some of the areas covered by
the European Community (the "first pillar" of the European). The non-EU members of the EEA
have no representation Institutions of the European Union such as the European
Parliament or European Commission. This situation has been described as a “fax democracy”,
with Norway waiting for their latest legislation to be faxed from the Commission.

Institutions
A Joint Committee consisting of the EEA-EFTA States plus the European
Commission (representing the EU) has the function of extending relevant EU law to the non EU
members. An EEA Council meets twice yearly to govern the overall relationship between the EEA
members.

Rather than setting up pan-EEA institutions, the activities of the EEA are regulated by
the EFTA Surveillance Authority and the EFTA Court, which parallel the work of the
EU's European Commission and European Court of Justice. See EEA institutions for further
information.

EEA and Norway Grants

The EEA and Norway Grants are the financial contributions of Iceland, Liechtenstein and Norway
to reduce social and economic disparities in Europe. In the period 2004- 2009, €1.3 billion of
project funding is made available for project funding in the 15 beneficiary states in Central and
Southern Europe.

The EEA and Norway Grants were established in conjunction with the 2004
enlargement of the European Economic Area (EEA), which brings together the EU, Iceland,
Liechtenstein and Norway in the Internal Market.

History of Europe Timeline

 Europe depicted by Antwerp cartographer Abraham Orteliusin 1595.

700 BC Epic poem Iliad by Homer, earliest account on the continent.

360 BC Plato attacks Athenian democracy in the Republic.

323 BC Alexander the Great dies and his Empire fragments.

44 BC Julius Caesar is murdered. The Republic drawing to a close.

27 BC Establishment of the Roman Empire under Octavian.

AD 330 Constantine makes Constantinople into his capital, anew Rome.

395 Following the death of Theodosius I, the Empire is permanently split

into eastern and western halves.
527 Justinian I is crowned emperor of Byzantium.

800 Coronation of Charlemagne as Holy Roman Emperor.

1054 Start of the East-West Schism, which divides the Christian church for centuries.

1066 Successful Norman Invasion of England by William the Conqueror.

1095 Pope Urban II calls for the First Crusade.

1340 Black Death kills a third of Europe's population.

1337 The Hundred Years War

1453 Fall of Constantinople to the Ottoman Turks.

1492 Christopher Columbus lands in the New World.

1497 Vasco da Gama departs to India starting direct trade with Asia.

1498 Leonardo da Vinci paints The Last Supper in Milan, as the Renaissance flourishes.

1517 Martin Luther nails his demands for Reformation to the door of
the church in Wittenberg.

1648 The Peace of Westphalia ends the Thirty Years' War.

1707 The United Kingdom of Great Britain is formed by the

union of England and Scotland.

1789 The French Revolution.

1815 Following the defeat of Napoleon Bonaparte the Treaty of Vienna is signed.

1860s Russia emancipates its serfs and Karl Marx completes the first volume of Das
Capital.

1914 Archduke Franz Ferdinand of Austria is assassinated and World War I begins.

1945 World War II ends with Europe in ruins.

1950 The Schuman declaration begins European unity.

 1989 The Berlin Wall comes down leading to the end of Communism in Europe.

2004 The European Union takes in most of the former communist east.

HISTORY
History of Europe describes the history of humans inhabiting the European continent since it was
first populated in prehistoric times to present, with the first human settlement between 45,000 and
25,000 BC.

Greco-Roman civilizations dominated Classical antiquity starting in Ancient Greece,

generally considered to be the seminal culture which provided the foundation of Western
civilization and immensely influential on language, politics, educational systems, philosophy,
science and the arts, with the writing of the epic Iliad at around 700 BC. Those values were
inherited by the Roman Republic established in 509 BC, having expanded from Italy, centered in
the Mediterranean Sea, until the Roman Empire reached its greatest extent around the year 150.

After a period of civil wars, emperor Constantine

I shifted the capital from Rome to the Greek town Byzantium in 313, then
renamed Constantinople (modern Istanbul), having legalized Christianity. In 395 the empire was
permanently split in two, with the Western Roman Empire repeatedly attacked during the migration
period. Rome was sacked in 410 by the Visigoths, the first of the Germanic peoples migrating into
Roman territories. With the last West Roman emperor removed in 476, Southeastern Europe and
some parts of the Mediterranean remained under the Eastern Roman Empire (Byzantine Empire)
up to the later 6th century.

As Constantinople faltered, Germanic peoples established kingdoms in

western territories. The new states shared Latin written language, lingering Roman culture and
Christian religion. Much territory was brought under the rule of the Franks by Charlemagne, whom
the pope crowned western Emperor in 800, but soon divided while Europe came under attack
from Vikings, Muslims from North Africa, and Magyars from Hungary. By the mid-10th century the
threat had decreased, although Vikings remained threatening Britain and Ireland.

After the
establishment of Constantinople and the creation of a church there, which replaced the pre-existing
bishopric of Heraclea nearby, tensions between the new and rapidly growing church and the church
of Rome gradually increased, with doctrinal disputes masking the struggle for primacy. One well
known instance of such tension (although it did not lead to a formal schism) occurred when in 1054
AD a legate of the pope, Cardinal Hubert, formally excommunicated the patriarch of Constantinople,
an excommunication which was repeated against him the following day. However, from 1095 a
series of religiously sanctioned military campaigns began to be waged by coalitions of Latin
Christian Europeans, in response to a call from the Byzantine Empire, for help against the Muslim
expansion. Spain, France, Lithuania and pagan regions were consolidated during this time, with
the last large-scale crusade of the middle Ages fought in 1396. Complex feudal loyalties developed
and the aristocracy of new nations becomes very closely related by intermarriage. The
feudal society began to break as Mongol invaded frontier areas and the Death pandemic killed from
30% to 60% of Europe's population.

Beginning roughly in the 14th century in Florence, and later

spreading through Europe with the development of printing press, a Renaissance of knowledge
challenged traditional doctrines in science and theology, with the rediscovery of classical Greek and
Roman knowledge. Simultaneously Reformation under German Martin Luther questioned Papal
authority. Henry VIII sundered the English Church, allying in ensuing religious wars between
German and Spanish rulers. The Reconquista of Portugal and Spain led to a series of oceanic
explorations resulting in the age of discovery that established direct links with Africa, the Americas
and Asia, while religious wars continued to be fought in Europe,[which ended in 1648 with
the Peace of Westphalia.

European overseas expansion led to the rise of colonial empires,

producing the Columbian. The combination of resource inflows from the New World and
the Industrial Revolution of Great Britain, allowed a new economy based on manufacturing instead
of subsistence agriculture. Starting in 1775, Empire colonies in America revolted to establish a
representative government. Political change in continental Europe was spurred by the French
Revolution under the mottoliberté, egalité, fraternité. The ensuing French leader, Napoleon
Bonaparte, conquered and enforced reforms through war up to 1815.

The period between 1815 and

1871 saw a large number of revolutionary attempts and independence wars. In France and the
United Kingdom, socialist and trade union activity developed. The last vestiges of serfdom were
abolished in Russia in 1861and Balkan nations began to regain independence from the Ottoman
Empire. After the Franco-Prussian War, Germany and Italy unified into nation states, and most
European states had become constitutional monarchies by 1871.

Rivalry in a scramble for empires

spread. The outbreak of the First World War was precipitated by a series of struggles among
the Great Powers. War and poverty triggered the Russian Revolution which led to the formation of
the communist Soviet Union. Hard conditions imposed on Germany by the Treaty of Versailles and
the Great Depression led to the rise of fascism in Germany as well as in Italy, Spain and other
countries. The rise of the irredentist totalitarian regime Nazi Germany led to a Second World War.

Following the end of the Second

World War, Europe was divided by the Iron Curtain between an American dominated west and a
Soviet dominated east. Western countries came under US protection via NATO and formed
the European Economic Community amongst themselves. The East was dominated by communist
countries under the Soviet Union's economic and military leadership. There were also a number of
neutral countries in between.

In the late 1980s, the Soviet Union fell and former Communist Bloc
countries gained independence. The west's economic integration deepened and the European
Union expanded to include most of the former-communist Eastern Europe in 2004.

History of Europe
Describes the history of humans inhabiting the European continent since it
was first populated in prehistoric times to present, with the first human settlement between 45,000
and 25,000 BC.

Greco-Roman civilizations dominated Classical antiquity starting in Ancient Greece,

generally considered to be the seminal culture which provided the foundation of Western and
immensely influential on language, politics, educational systems, philosophy, science and the arts,
with the writing of the epic Iliad at around 700 BC. Those values were inherited by the Roman
Republic established in 509 BC, having expanded from Italy, centered in the Mediterranean Sea,
until the Roman Empire reached its greatest extent around the year 150.

After a period of civil wars,

Emperor Constantine I shifted the capital from Rome to the Greek town Byzantium in 313, then
renamed Constantinople (modern Istanbul), having legalized Christianity. In 395 the empire was
permanently split in two, with the Western repeatedly attacked during the migration period. Rome
was sacked in 410 by the Visigoths, the first of the Germanic peoples migrating into Roman
territories. With the last West Roman emperor removed in 476, Southeastern Europe and some
parts of the Mediterranean remained under the Eastern Roman Empire (Byzantine Empire) up to
the later 6th century.

States shared Latin written language, lingering Roman culture and Christian
religion. Much territory was brought under the rule of the Franks by Charlemagne, whom
the pope crowned western Emperor in 800, but soon divided while Europe came under attack
from Vikings, Muslims from North Africa, and Magyars from Hungary. By the mid-10th century the
threat had decreased, although Vikings remained threatening Britain and Ireland.

After the
establishment of Constantinople and the creation of a church there, which replaced the pre-existing
bishopric of Heraclea nearby, tensions between the new and rapidly growing church and the church
of Rome gradually increased, with doctrinal disputes masking the struggle for primacy. One well
known instance of such tension (although it did not lead to a formal schism) occurred when in 1054
AD a legate of the pope, Cardinal Hubert, formally excommunicated the patriarch of Constantinople,
an excommunication which was repeated against him the following day. However, from 1095 a
series of religiously sanctioned military campaigns began to be waged by coalitions of Latin
Christian Europeans, in response to a call from the Byzantine Empire, for help against the Muslim
expansion. Spain, France, Lithuania and pagan regions were consolidated during this time, with
the last large-scale crusade of the middle Ages fought in 1396. Complex feudal loyalties developed
and the aristocracy of new nations become very closely related by intermarriage. The feudal society
began to break as Mongol invaded frontier areas and the Death pandemic killed from 30% to 60%
of Europe's population.

Beginning roughly in the 14th century in Florence, and later spreading through
Europe with the development of printing press, a Renaissance of knowledge challenged traditional
doctrines in science and theology, with the rediscovery of classical Greek and Roman knowledge.
Simultaneously Protestant Reformationunder German Martin Luther questioned Papal
authority. Henry VIII sundered the English Church, allying in ensuing religious wars between
German and Spanish rulers. The Reconquista of Portugal and Spain led to a series of oceanic
explorations resulting in the age of discovery that established direct links with Africa, the Americas
and Asia, while religious wars continued to be fought in Europe,[2] which ended in 1648 with
the Peace of Westphalia.
 European overseas expansion led to the rise of colonial empires, producing
the Columbian Exchange. The combination of resource inflows from the New World and
the Industrial Revolution of Great Britain, allowed a new economy based on manufacturing instead
of subsistence agriculture. Starting in 1775, Empire colonies in America revolted to establish a
representative government. Political change in continental Europe was spurred by the French
Revolution under the mottoliberté, egalité, fraternité. The ensuing French leader, Napoleon
Bonaparte, conquered and enforced reforms through war up to 1815.

The period between 1815 and 1871 saw a large number of

revolutionary attempts and independence wars. In France and the United Kingdom, socialist and
trade union activity developed. The last vestiges of serfdom were abolished in Russia in
1861[5]and Balkan nations began to regain independence from the Ottoman Empire. After
the Franco-Prussian War, Germany and Italy unified into nation states, and most European states
had become constitutional monarchies by 1871.

Rivalry in a scramble for empires spread. The

outbreak of the First World War was precipitated by a series of struggles among the Great Powers.
War and poverty triggered the Russian Revolution which led to the formation of
the communist Soviet Union. Hard conditions imposed on Germany by the Treaty of Versailles and
the Great Depression led to the rise of fascism in Germany as well as in Italy, Spain and other
countries. The rise of the irredentist totalitarian regime Nazi Germany led to a Second World War.

Following the end of the Second World War, Europe

was divided by the Iron Curtain between an American dominated west and a Soviet dominated east.
Western countries came under US protection via NATO and formed the European Economic
Community amongst themselves. The East was dominated by communist countries under the
Soviet Union's economic and military leadership. There were also a number of neutral countries in
between. In the late 1980s, the Soviet Union fell and former Communist Bloc countries gained
independence. The west's economic integration deepened and the European Union expanded to
include most of the former-communist Eastern Europe in 2004.