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argumentative essay language Justin-Siena High School

In the face of Monopsony employers, Trades Unions can increase wages and increase employment. Traditionally, monopsonies occur when there is only firm in a town or type of employment. However, in modern economies, many employers have a degree of monopsony power - related to difficulties of moving between jobs. From the late 1890s to 1980s, the how to write informative essay tasis (the american school in switzerland) UK saw a growth in trade union membership. This was also a period of falling inequality and a reduction in relative poverty. Since trade union membership peaked in the argumentative essay language Justin-Siena High School early 1980s, this trend of reduced inequality has been reversed and inequality has increased. It is also argued that if unions are very powerful and disruptive, it can discourage firms from investing and creating employment in the how to write informative essay tasis (the american school in switzerland) jobs. If firms fear frequent strikes and a non-cooperative union, they may prefer to invest in another country with better labour relations. For example, in the writing a problem solution essay fountain valley school of colorado 1970s, the UK experienced widespread industrial unrest and how to write a application essay abbey college manchester this is argumentative essay language Justin-Siena High School cited as a factor behind the UK's relative decline. Economic growth can help various macroeconomic objectives. Reduction in poverty . Increased national output means households can enjoy more goods and services. For countries with significant levels of poverty, economic growth can enable vastly improved living standards. For example, in the nineteenth century, absolute poverty was widespread in Europe, a century of economic growth has lifted nearly everyone out of this state of poverty. Economic growth is particularly important in how to write a application essay abbey college manchester developing economies. Reduced Unemployment . A stagnant economy leads to higher rates of unemployment and the consequent social misery. Economic growth leads to higher demand and firms are likely to increase employment. Improved public services . Higher economic growth leads to higher tax revenues (even with tax rates staying the argumentative essay language Justin-Siena High School same). With higher growth, incomes and profit, the government will receive more income tax, corporation tax and expenditure taxes. The government can then spend more on argumentative essay language Justin-Siena High School public services. Reduced debt to GDP ratios . Economic growth helps reduce debt to argumentative essay language Justin-Siena High School GDP ratios. How to write a application essay Abbey College Manchester? In the 1950s, the UK had a national debt of over 200% of GDP. Despite very few years of pre med coursework queen's college, budget surplus, economic growth enabled a reduction in the argumentative essay language Justin-Siena High School level of how to write informative essay tasis (the american school in switzerland), debt to GDP. Countries with positive rates of economic growth will create a virtuous cycle Economic growth will encourage inward investment as firms seek to benefit from rising demand Higher growth leads to argumentative essay language Justin-Siena High School improved tax revenues which can be spent on long-term public sector works, such as improved transport and communication. This helps long-term growth. Confidence to invest. Higher growth encourages firms to take risks - innovate and invest in future products and productive capacity. Inequality and distribution . argumentative essay language Justin-Siena High School? Economic growth doesn't necessarily reduce relative poverty, it depends on the distribution of incomes. Economic growth could bypass the poorest in how to write a application essay abbey college manchester society. argumentative essay language Justin-Siena High School? For example in the 1980s, the Gini coefficient rose sharply - the richest 1% gained dis proportionality more. Negative externalities . Economic growth can cause negative externalities such as pollution, higher crime rates and congestion which actually reduce living standards. For example, China has experienced very rapid economic growth but is now experience very serious levels of air pollution in major cities. Economic growth may conflict with the environment . e.g. increased carbon production is leading to global warming. Economic growth may bring benefits in the short-term, but costs in the long-term. It depends on what is produced . The Soviet Union has fantastic rates of economic growth, but, often through producing a lot of steel and pig iron that was not actually very useful. Economic growth can be unsustainable . If growth is too rapid, it will cause inflation, current account deficit and can lead to boom and bust. Does happiness actually increase? Theories of hedonistic relativism suggest (beyond a certain level) increasing output has no effect on changing life quality or happiness. One reason is that increasing the money supply has no effect on reducing interest rates. Inelastic demand for investment. In a liquidity trap, firms are not tempted by lower interest rates. The marginal efficiency of capital indicates the argumentative essay language Justin-Siena High School rate of return from investment. Usually, lower interest rates make it more profitable to borrow and invest. However, in a recession, firms don't want to argumentative essay language Justin-Siena High School invest because they expect low demand. A to g requirements Les Roches Jin Jiang International Hotel Management College? Therefore, even though it may be cheap to borrow - they don't want to pre med coursework queen's college risk making investment. Expectations of deflation . If there is deflation or people expect deflation (fall in prices) then real interest rates can be quite high even if nominal interest rates are zero. - If prices are falling 2% a year, then keeping cash under your mattress means your money will increase in value. The difficulty is meaning of essay writing cardiff sixth form college in having negative nominal interest rates (banks would be paying you to borrow money). (There have been attempts to create a negative interest rates (e.g. destroy money in circulation but in practice, it is rarely implemented.) Preference for saving . Liquidity traps occur during periods of recessions and a gloomy economic outlook. Consumers, firms and argumentative essay language Justin-Siena High School banks are pessimistic about the nejm review articles leman manhattan preparatory school future, so they look to increase their precautionary savings and it is difficult to writing a problem solution essay fountain valley school of colorado get them to spend. This rise in the savings ratio means spending falls. Also, in recessions banks are much more reluctant to lend. Also, cutting the base rate to 0% may not translate into lower commercial bank lending rates as banks just don't want to lend. Credit Crunch. Banks lost significant sums of money in buying sub-prime debt which defaulted. Therefore, they are seeking to improve their balance sheets. They are reluctant to lend so even if firms and consumers want to take advantage of argumentative essay language Justin-Siena High School, low-interest rates, banks won't lend them the money. Unwillingness to hold bonds . If interest rates are zero, investors will expect interest rates to rise sometime. If interest rates rise, the price of bonds falls (see: inverse relationship between bond yields and bond prices) Therefore, investors would rather keep cash savings than hold bonds. argumentative essay language Justin-Siena High School? Banks don't pass base rate cuts onto consumers. Quantitative Easing - policy to argumentative essay language Justin-Siena High School create money and reduce yields on government and meaning of essay writing cardiff sixth form college corporate bonds Helicopter money - more direct than quantitative easing as rather than buying assets from argumentative essay language Justin-Siena High School banks, the money is given directly to the people. argumentative essay language Justin-Siena High School? Expansionary Fiscal Policy - Keynes argued in pre med coursework queen's college a liquidity trap, it is argumentative essay language Justin-Siena High School necessary for a government to pursue direct investment in the economy. For example, building public work schemes has the meaning of essay writing cardiff sixth form college effect of creating demand and getting unused resources back into the circular flow. Overcoming a Liquidity trap Higher Inflation Expectations Liquidity Trap and Fiscal Policy Liquidity explained. Cost of borrowing is argumentative essay language Justin-Siena High School more expensive. If borrowing is argumentative essay language Justin-Siena High School more expensive consumers will take out fewer loans. argumentative essay language Justin-Siena High School? Firms will borrow less. Therefore consumer spending and investment will fall (or increase at slower rates) Mortgage and loan repayments increase. This reduces consumer disposable income and consumer spending further. Return on argumentative essay language Justin-Siena High School savings increase. More attractive to save and this will reduce consumer spending Higher interest rates cause an appreciation in the exchange rate due to hot money flows. (It is more attractive to save in the UK, if UK interest rates are higher than other countries) An appreciation in the how to write a application essay abbey college manchester exchange rate makes more expensive, leading to argumentative essay language Justin-Siena High School less export demand Fall in asset prices. Higher interest rates can make it less attractive to how to write a application essay abbey college manchester buy a house with a mortgage leading to lower house prices. ------------------------ If consumer spending and investment falls, this will lead to lower AD. Therefore this causes a fall in Real GDP or at least a fall in the rate of economic growth. Lower growth will tend to increase unemployment. With less output, firms demand less workers. Lower growth will also help to reduce inflation. --------- In Credit Crunch of 2008, lower interest rates failed to boost economic growth. Inflation target of 2%. argumentative essay language Justin-Siena High School? But Bank has to a to g requirements les roches jin jiang international hotel management college consider other objectives such as economic growth and inflation. It also has to consider the how to write informative essay tasis (the american school in switzerland) type of argumentative essay language Justin-Siena High School, inflation. Is it temporary cost-push inflation or underlying inflationary pressures. Is the economy reaching full capacity? Graph showing combination of high inflation and volatile output. The Bank of England deregulated the mortgage market - meaning High Street Banks could now lend mortgages (not just local building societies). This helped fuel a rise in house prices and argumentative essay language Justin-Siena High School consumer wealth. A to g requirements Les Roches Jin Jiang International Hotel Management College? Barber Boom of 1972. In the 1972 budget, the chancellor Anthony Barber made a dash for growth - with large tax cuts against writing a problem solution essay fountain valley school of colorado, a backdrop of high economic growth. Pre med coursework Queen's College? Growth of Credit. It was in the 1970s, we saw the first mass use of credit cards (Access). This helped create a consumer bubble. Rising wages, partly due to strength of unions. The inflationary budget of 1972. Growth in credit and consumer spending. Pre med coursework Queen's College? Oil price shock of argumentative essay language Justin-Siena High School, 1973, leading to 70% increase in oil prices. Oil Prices in the 1970s. blue line - nominal oil prices Yellow line - Real oil prices, adjusted for inflation. Since oil had become an intrinsic part of the economy, we had taken it for granted that oil could be bought cheaply. The 1960s and early 1970s, saw a rapid rise in ownership of cars and motoring. Britain enthusiastically embraced the motor car - helped by rising incomes and cheap petrol. In the pre med coursework queen's college mid 1970s, the argumentative essay language Justin-Siena High School UK saw a deterioration in the how to write a application essay abbey college manchester current account. High UK inflation was making UK goods less competitive. Also domestic consumer spending remained relatively strong - sucking in more imports. Although the current account reached a peak of only 4% of GDP in writing a problem solution essay fountain valley school of colorado late 1974, (low compared to current account in 2000s) there were greater concerns about financing the current account deficit in the 1970s due to less investment income. Due to rise in GDP, total public sector debt fell from argumentative essay language Justin-Siena High School approx 60% of GDP (1970) to 50% in 1980 (see: National debt. What to produce? - Is it worth spending more on health care? How to produce? - Should we leave it to market forces or implement government regulations. For whom to produce? - How should we distribute resources, should we place higher income tax on the wealthiest in society? However, the problem is that economists may often disagree on the best solution to these challenges. For example, at the start of the great depression in 1930, leading economists in the UK Treasury suggested that the a to g requirements les roches jin jiang international hotel management college UK needed to balance the budget; i.e. higher taxes, lower unemployment benefits. Nejm review articles Leman Manhattan Preparatory School? But, this made the recession deeper and led to a fall in demand. The over production of negative externalities (e.g. pollution/congestion) The underproduction of goods with positive externalities (e.g. education, health care, public transport). How to write a application essay Abbey College Manchester? Non-provision of Public Goods - (national defence, law and order) In recent years, behavioural economics has looked at the diverse range of factors that influence people's decisions. For example, behavioural economists have noted that individuals can exhibit present-bias focus. This means placing excess importance on the current time period and nejm review articles leman manhattan preparatory school making decisions our future self may regret. argumentative essay language Justin-Siena High School? This includes over-consumption of demerit goods like alcohol and tobacco and failure to save for a pension. A run on the argumentative essay language Justin-Siena High School pound is more likely in a semi fixed exchange rate. e.g. when the Government is committed to trying to keep the Pound at a certain level. If markets feel this level is argumentative essay language Justin-Siena High School unsustainable they may keep selling Pounds until the government is argumentative essay language Justin-Siena High School forced to devalue. For example, in 1992, the UK tried to maintain value of Sterling in ERM, but, ultimately markets forced the UK out and we had to devalue. The graph above shows the near 20% devaluation in 1992. We also had a run on the pound in the late 60s, causing the Wilson government to devalue pound. (In 1967, Wilson devalued pound by 15% after selling many foreign currency reserves trying to maintain value of Pound) In 1976, there was another on the Pound as markets feared the UK's fiscal position. Financial crisis depreciation. The credit crunch of 2008 hit the UK economy hard because it was more reliant on the financial sector than most other economies. High inflation - high inflation reduces the value of Pound Sterling. Foreign investors will be nervous of argumentative essay language Justin-Siena High School, holding UK assets if the UK has high inflation. Threat of sovereign debt default . If markets feel government borrowing is too high and unsustainable then there is a risk of foreigners losing their government bonds. Therefore, the market will sell bonds causing an outflow of argumentative essay language Justin-Siena High School, foreign currency and fall in argumentative essay language Justin-Siena High School value of sterling. argumentative essay language Justin-Siena High School? This can build up a momentum effect. As the fall in the currency can alarm other investors. Large current account deficit. A large current account deficit implies we rely on capital flows to finance the current account deficit. Therefore, the UK would be more vulnerable to how to write informative essay tasis (the american school in switzerland) capital flight. In this circumstance a run on the Pound would be stronger. However, the UK has run a persistent current account deficit since the 1980s. (See: Current account deficit) Interest rates can influence the rate of inflation and the argumentative essay language Justin-Siena High School rate of economic growth. The Bank of writing a problem solution essay fountain valley school of colorado, England change the 'base' interest rate to try and target the government's inflation rate of 2% +/-1 Generally, an increase in inflation leads to higher interest rates. A fall in the inflation rate and lower growth leads to lower interest rates. Graph Showing Inflation and Interest Rates in the UK. Typically, nominal interest rates are 1 - 2 % higher than inflation. When interest rates are higher than inflation, it means savers are protected against the effects of inflation. However, in 2008 and 2011, we had a period of negative real interest rates. This meant the inflation rate was higher than the base rate. A negative real interest rate is bad news for savers, but good news for borrowers. Response to argumentative essay language Justin-Siena High School Rising Inflation. If inflation rises, generally, the Bank of argumentative essay language Justin-Siena High School, England increases interest rates to reduce inflationary pressure. argumentative essay language Justin-Siena High School? Higher interest rates tend to meaning of essay writing cardiff sixth form college reduce consumer spending. argumentative essay language Justin-Siena High School? This is because homeowners see an increase in the cost of their mortgage payments and have less disposable income. Therefore, they spend less. Also, higher interest rates increase the incentive to save and reduce the writing a problem solution essay fountain valley school of colorado incentive to borrow. Therefore, an increase in pre med coursework queen's college interest rates tends to reduce the rate of economic growth and prevent inflationary pressures. See more on: Effects of Higher interest rates on economy Response to Fall in Inflation Rate. Lower interest rates increase motivation to borrow Lower interest rates mean cheaper mortgage payments and increase disposable income. Why A Cut in Interest Rates May Not Work. The recession was so sharp that investment and consumption have fallen dramatically and so the cuts in interest rates have only mitigated the pre med coursework queen's college extent of argumentative essay language Justin-Siena High School, the downturn House Price falls provide a powerful negative impact on spending. Lower interest rates should boost spending. But, with house prices falling 20% since the peak, this has reduced consumer wealth and therefore reduced spending. Global downturn. A to g requirements Les Roches Jin Jiang International Hotel Management College? Even sharp depreciation has been unable to argumentative essay language Justin-Siena High School boost export growth because of the extent of the economic downturn. Time Lags. argumentative essay language Justin-Siena High School? A cut in interest rates can take a long time to have an effect. For example, people with a two-year fixed rate mortgage won't notice for quite a long time. (until they re-mortgage. Also, commercial banks may be reluctant to pass the interest rate cut onto consumers. In some circumstances, the Central Bank may not increase interest rates, despite an increase in inflation. For example, in how to write informative essay tasis (the american school in switzerland) 2008 and 2011, we had a rise in inflation to argumentative essay language Justin-Siena High School 5%, but, the Central Bank kept interest rates low. Why? They kept interest rates low because: They felt inflation was just due to temporary cost-push factors like higher taxes and volatile food prices increasing They felt economy was at risk of inflation. Therefore, it was more important to tolerate a temporarily higher inflation rate, than increase interest rates and push the economy back into recession. Related. In October 1990, the UK made the argumentative essay language Justin-Siena High School decision to join the Exchange Rate Mechanism (ERM) The ERM was a semi-fixed exchange rate mechanism. The value of the Pound was supposed to writing a problem solution essay fountain valley school of colorado be kept at a certain level against the DM. £1 = DM2.95. The lower limit for argumentative essay language Justin-Siena High School the exchange rate was DM 2.773. If the Pound approached this level, the a to g requirements les roches jin jiang international hotel management college government would be obliged to intervene - through buying Pounds and raising interest rates. The exchange rate mechanism was designed as a precursor to joining the Euro. The aim was to keep exchange rates stable; it was hoped this would: Keep inflation low Provide stability for exporters encouraging trade Enable countries to how to write a application essay abbey college manchester join the single currency - the Euro. In the late 1980s, the chancellor, Nigel Lawson was keen to join the ERM. But, Mrs Thatcher with her more euro-sceptic views wanted to stay out. The late 1980s saw an extraordinary economic boom - boosted by booming house prices, tax cuts and low interest rates. Growth reached record levels of 4-5% a year. argumentative essay language Justin-Siena High School? Enthusiastic government ministers talked of an economic miracle - hoping Government policies had enabled, at argumentative essay language Justin-Siena High School long last, to catch up with other countries like Germany. However, this miracle was an illusion. High growth was unsustainable and led to inflation.(see: Lawson Boom) With inflation of 10%, Nigel Lawson was able to convince Mrs Thatcher that the UK would benefit from joining the ERM to help reduce inflation. Therefore, the UK joined in October 1990. argumentative essay language Justin-Siena High School? at a rate of DM 2.95 to the Pound. Increasing interest rates - this attracts hot money flows - it is more attractive to save in UK with high interest rates. argumentative essay language Justin-Siena High School? Buying pounds with foreign exchange reserves. However, these policies of protecting the value of the Pound was causing a serious economic downturn. High interest rates particularly hit the housing market. With rising house prices, many had taken out large mortgages to get on the property ladder. But, now interest rates were increasing, mortgage repayments became unaffordable and default rates increased. Writing a problem solution essay Fountain Valley School of Colorado? Combined with rising unemployment from the argumentative essay language Justin-Siena High School recession, the how to write a application essay abbey college manchester housing market saw a dramatic fall in prices that was to last 4 years. It was increasingly clear to the financial markets that the Pound was overvalued. The government was exhausting its foreign currency reserves in buying pounds. But, more problematically, the high interest rates was causing a serious recession and argumentative essay language Justin-Siena High School misery for homeowners. For a long time, the British government fought a losing battle. But, the foreign currency reserves of writing a problem solution essay fountain valley school of colorado, the British government were no match for the trillions of Pound Sterling traded on the foreign currency and the pound kept sliding. It is estimated that the Treasury used £27 billion of foreign currency reserves trying to prop up the Pound. The Treasury estimated the final cost to the taxpayer was estimated at £3.4 billion. An overvalued currency can lead to argumentative essay language Justin-Siena High School lower economic growth, due to how to write informative essay tasis (the american school in switzerland) uncompetitive exports. Trying to meaning of essay writing cardiff sixth form college keep currency at a level which is too high, may require high real interest rates - which can cause economic downturn. It is hard to buck the meaning of essay writing cardiff sixth form college market. Even government intervention on foreign currency markets is not sufficient to prevent depreciation if this is what reflects market fundamentals. A devaluation of the currency can be beneficial for the economy - under certain circumstances. This devaluation did not cause significant inflation, because the economy was depressed. Related. European harmony - European Union countries are no longer at how to write a application essay abbey college manchester loggerheads like they were in the past. With the exception of civil war in Yugoslavia (which wasn't in the EU at the time), Europe has managed to heal the divisions which were so painfully exposed in the two World Wars in the Twentieth Century. How to write informative essay TASIS (The American School in Switzerland)? The EU was awarded the Nobel Peace Prize in 2012 for argumentative essay language Justin-Siena High School helping to promote peace and argumentative essay language Justin-Siena High School international co-operation. Many Eastern European countries are keen to join the EU because they feel it will help promote economic and political stability. Legal and human rights. How to write informative essay TASIS (The American School in Switzerland)? The EU has a strong commitment to human rights, preventing discrimination and the due process of law. This makes the EU attractive to countries, such as the Ukraine who wish to share in similar legal and pre med coursework queen's college human rights. Prospect of membership has helped modernise countries, such as Turkey. The Copenhagen Criteria for EU membership enshrine a commitment to human rights, the meaning of essay writing cardiff sixth form college rule of law and a market economy. The prospect of gaining membership of the EU, encourage countries to implement human rights legislation. argumentative essay language Justin-Siena High School? Economic benefits. EU is one of strongest economic areas in the world. With 500 million people, it has 7.3% of nejm review articles leman manhattan preparatory school, the world's population but accounts for 23% of nominal global GDP. Free trade and how to write a application essay abbey college manchester removal of non-tariff barriers have helped reduce costs and nejm review articles leman manhattan preparatory school prices for consumers. Increased trade with the argumentative essay language Justin-Siena High School EU creates jobs and higher income. Over 52% of UK exports are to the EU. Trade within the EU has increased 30% since 1992. According to one study - over ten years (1993-2003), the Single Market has boosted the EU’s GDP by €877 billion [£588 billion]. This represents €5,700 [£3,819] of argumentative essay language Justin-Siena High School, extra income per household. A paper, Campos, Coricelli, and how to write a application essay abbey college manchester Moretti (2014) used the synthetic counterfactuals method (SCM) pioneered by Abadie and Gardeazabal (2003). The red dotted line shows estimated GDP if the country had not been a member of the EU. argumentative essay language Justin-Siena High School? This shows that even more prosperous EU countries, such as the UK have benefited from higher GDP as a result of being in the EU. Free movement of labour and capital have helped create a more flexible economy. For example, UK and Ireland have benefited from the immigration of Eastern European workers to fill labour market shortages in certain areas, such as plumbing, nursing and how to write informative essay tasis (the american school in switzerland) cleaning. Far from 'taking jobs', migration has helped increase productive capacity and makes a net contribution to tax revenues. (see impact of net migration) Free movement of labour also enables British people to live and argumentative essay language Justin-Siena High School work in Europe. Roughly 1.6 million British citizens live in the EU outside the UK ( UNCTAD World Investment Report 2010 ) EU migrants are net contributors to UK Treasury. argumentative essay language Justin-Siena High School? EU migrants tend to be young. Therefore they pay taxes, but use a relatively small share of the NHS and pensions. See: Fiscal effects of immigration. A to g requirements Les Roches Jin Jiang International Hotel Management College? Net migration has helped deal with the UK's demographic timebomb. EU has enabled people to travel freely across national boundaries making trade and tourism easier and cheaper. According to the European Commission, more than 15 million EU citizens have moved to other EU countries to work or to enjoy their retirement. 1.5 million young people have completed part of their studies in another member state with the help of the Erasmus programme. The possibility to study abroad is considered positive by 84% of EU citizens. (benefits of EU) Easier to use qualifications in different member countries. This makes it easier to work abroad without having to retrain in different national qualifications. argumentative essay language Justin-Siena High School? Mutual recognition of how to write informative essay tasis (the american school in switzerland), safety standards and rules have helped reduce costs for firms. This has encouraged the development of small and medium business who rely on the low cost of exports. Social charter enshrines protection for workers such as a maximum working week, right to collective bargaining and fair pay for argumentative essay language Justin-Siena High School employment. European Arrest Warrant (EAW) scheme has made it easier to track criminals across the European continent. Environmental benefits of how to write a application essay abbey college manchester, the EU. The EU has raised the quality of sea water and beeches, by implementing regulations on water standards 'Bathing Water Directive'. Nejm review articles Leman Manhattan Preparatory School? 92% of tourist locations now meet minimum water quality standards. (Clean water at Europa.eu) Tackling global warming. In 2006, the argumentative essay language Justin-Siena High School (EU) committed to reducing its global warming emissions by at argumentative essay language Justin-Siena High School least 20 percent of 1990 levels by 2020. The EU has also committed to spending $375 billion a year to how to write a application essay abbey college manchester cut greenhouse gas emissions by at least 80 percent by 2050 compared to argumentative essay language Justin-Siena High School 1990 levels. (global warmingpdf) Tackling acid rain. Environmental treaties which have sought to writing a problem solution essay fountain valley school of colorado deal with European wide environmental problems such as acid rain. argumentative essay language Justin-Siena High School? The EU has set strict restrictions on nejm review articles leman manhattan preparatory school emissions of pollutants, such as sulphur , and other causes of acid rain. (BBC Link) Consumer benefits of the EU. EU competition policy has harmonised regulation of monopoly and cartel power within Europe. Nejm review articles Leman Manhattan Preparatory School? The EU competition policy seeks to argumentative essay language Justin-Siena High School avoid abuses of cartels / monopoly / dominant market power and argumentative essay language Justin-Siena High School protect the interest of argumentative essay language Justin-Siena High School, the consumer. There has been successful deregulation of airlines, electricity and pre med coursework queen's college gas markets. The EU has reduced the how to write a application essay abbey college manchester price of making mobile phone calls abroad. In 2007 EU legislation set maximum charges for making and receiving calls. The EU also agreed with 14 mobile phone manufacturers to create a standard design for chargers from 2011 in order to make life easier for consumers and reduce wastage. In 2014, it is has voted to scrap roaming charges which will drastically reduce the cost of using a mobile phone abroad. (BBC link) Consumers are free to shop in any EU countries without paying any tariffs or excise duties when they return home. So what have the EU ever done for us, apart from writing a problem solution essay fountain valley school of colorado straightening all those pesky bananas?