Monday, November 12, 2012

New Version of EU Act to Improve the Poor Economy

Unlocking Word Meanings
Read the following words/expressions found in today’s article.

1. act (n.) – a law or agreement that is the result of decisions made by lawmakers
Example: The congress approved the new act that regulates business in the country.

2. border (n.) – a line that divides one area from another
Example: One needs a passport to cross over a country’s borders.

3. confidence (n.) – trust or faith in someone or something
Example: The company has confidence in their new product because it has good quality at an affordable price.

4. mutual (adj.) –  shared or common to two or more people or groups
Example: Business partners have mutual interests.

5. stakeholder (n.) – a person or group that has interest or concern in one company or organization
Example: They aim to invite more stakeholders to invest in their company.

Read the text below.

The European Commission has recently approved the Single Market Act II, an agreement that contains new goals to make business easier between countries in the European Union (EU).

The act describes four main goals: to make business and employment easier across borders; to make finances more accessible across the 27 nations in the EU; to improve confidence in the economy of EU nations; and to improve travel and trade networks between countries.

Some benefits under the four main goals are better online business and banking services; more train systems between countries; a shared EU airspace for flights; and a deal that lets the 500 million citizens of the European Union choose which country to get energy supplies from.

The single airspace could save EU air travelers an estimated 5 billion euros per year, while the shared energy markets could save 13 billion euros.

The original Single Market Act was introduced last year to make friendlier business policies among EU nations. Through the first act, costs of mobile phone use and air travel when visiting other EU nations have been greatly reduced.

The need to further increase jobs and promote market growth pushed the creation of the Single Market Act II. Michel Barnier, the European Commissioner for internal market and services, said that proposals in the new act may be able to boost the European economy.

However, business leaders say that for the new act to become effective there must be mutual effort and commitment from EU nations and stakeholders to meet the goals.

The Commission aims to finalize the act by the end of next year, and to start working toward the goals in 2014.

Viewpoint Discussion
Enjoy a discussion with your tutor. 

Discussion A

·         Do you think Asians should also be able to easily travel, work or do business in other Asian countries? Why or why not?
·         Why is it important for different countries to sometimes have mutual or shared goals? Please explain your answer.

Discussion B

·         How does a country’s relationship with another country affect international businesses?
·         How can doing business with each other strengthen the relationship of countries?


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