Multinational market regions
Countries seek mutual economic benefit from reducing inter-regional trade and tariff barriers
Free trade area (FTA)
Provides members with mass market without barriers impeding flow of goods and services
Logical cooperation stage in transition from FTA to common market.
Joint marketplace for goods, services, capital.
Complete political and economic integration either voluntary or enforced.
Free movement of goods persons service capital throughout the member states
Single European Act
Council can enact all proposals by majority vote except chances in tax rates on product and service
Can amend and adopt legislation, also has budgetary powers leading to involvement in major EU expenditures
Increase institution authority in European Union and made to support change brought by monetary union and allowance of new members