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This article discusses how the Ukrainian president vetoed a trade deal with the European Union. This trade deal was an opportunity for trade creation in the EU, because the EU bloc would have been expanded. The EU claims that the trade deal would have boosted the Ukrainian economy by 6%.

This article talks about Ukraine and its joining the EU Free-trade pact or the Ex-Soviet Pact monitored by Russia. When the idea was proposed, Ukraine was considering but two days before the EU Summit in Vilnius, Ukraine declined the offer - ultimately joining the Ex-Soviet Trade Pact. Now, Ukraine has came back to the idea of the EU Free-trade pact, and is again considering while people are protesting on the streets. The view of the people is split. In addition, Ukraine is close to bankruptcy which makes the choosing of the pacts even more important. Russia has money and can help Ukraine, while the EU doesn't have that ability. We shall see the outcome soon.

This article talks about a planned cut to the EU's seven-year budget of about £30bn. Considering the EU to be a macroeconomy, the government is cutting its spending. This decreases that part of the flow of income.

This article is about the UK and the EU and how the UK could benefit more by in fact leaving the EU.

The article talks about a policy of the EU relating to the topic.

I totally agree with you, Olaf

This is a very small article, but it summarizes how the Italian budget deficit will be decreased as the EU will help the government. In fact, the EU will work with the Italian government to repay the debts, therefore decreasing the national debts and help the government reach a balanced budget.

This article talks about the new warning Russia has sent to Ukraine saying that moscow could implement protectionist barriers if its former soviet ally joins a free trade pact with the EU. Russia has sent the warning because they are allegedly worried it will be "flooded" with European goods if Ukraine joins the pact.

It states that "it will be a plus, as long as it doesn't make us (Russia) weaker". This is because of the bond they have from the former Soviet union. Since they have conjoined boarders and a lot of trade between the nations they fear that this (increasing european trade) might influence this trade.

The European Union and America are to open negotiations with the aim of creating the world's biggest free trade area worth €86bn (£75bn) within two years.

The article talks about the trade deficit in Europe. Prime minister Cameron wants to increase GDP by 0.5%. This would make a major difference to Europe's economy and could become a "game-changer". Cameron wants to accomplish this goal by breaking down trade barriers.

The European Union and America are to open negotiations with the aim of creating the world's biggest free trade area worth €86bn (£75bn) within two years. Breaking down the remaining trade barriers and securing a comprehensive deal will require hard work and bold decisions on both sides. EU and US economies account for nearly half of the world's economic output and a third of global trade, meaning that a transatlantic free-trade bloc would hold great sway over emerging economic superpowers China, Brazil and India.

Basically, article is about Egypt's endeavor to find foreign investors for financing infrastructure projects and increasing its dwindling foreign currency reserves. Two of the most important terms derived from the week 2 are scarcity and opportunity cost. Turkish investments of $20 bn dollars and 500 mio euros from the EU (depending on Egypt securying the loan from IMF) in Egyptian infrastructure and foreign currency reserves deficit have an opportunity cost of spending that amount of money for other purposes. In this article, Egypt's foreign currency reserves and budget are scarce, so Egypt wants to get money to reduce unemployment rate via economic growth (4.5 %). Here we also have the factor of production - this is capital which comes from investments in physical capital (infrastructure) and in my opinion also human capital (reducing unemployment, improving education and healthcare perhaps ...). One thing that will be crucial for Egypt is the factor of entrepreneurship.

The article I chose talks about water scarcity. I think this is very interesting because in some of the discussions we talked about wether salt water is scarce or not. The article shows that the quantity of fresh water is limited in some countries.

 Too much protectionism is not good as well as no protectionism, it will ruin the free trade in the world. 

This article looks at the European Commission, an organization that has warned of a slide towards "blatant and uncontrolled protectionism" across the globe as emerging markets from several countries are starting to defend themselves, warning that abuses by countries like Russia, Brazil, Indonesia, China and other key states could pose a growing threat to global recovery. The EU trading body has said "154 new tariffs and restrictive measures have been pushed through over the past year while "virtually none" has been abolished"

This article talks about Britain and its problematic exports with subsequent trade deficit problems. Interestingly enough, university courses fees are considered exports as well (money inflow). Britain is a country which is immensely integrated in the global trade flows, but they have a problem of trade deficit. "Part of the reason is the slowdown in continental Europe and America, which take 54% and 17% respectively of British exports. Another is the gradual depletion of North Sea oil and gas. A third is that Britain's strength is in services rather than in the raw materials, machine tools and handbags that emerging markets crave." This running trade deficit can amass huge problems and according to the article [http://www.telegraph.co.uk/finance/economics/10427783/Britain-to-have-worst-2014-trade-deficit-in-industrial-world-on-EU-forecasts.html] Britain will have to tackle it by using expenditure-reducing policies, expenditure-switching policies or supply-side policies.

As measured by gross domestic product, the Customs Union in its three-member format of Russia, Belarus and Kazakhstan still appears tiny beside the European Union. The output of the Customs Union states was $US2.3 trillion last year, compared with $US16.6 trillion for the EU, according to the International Monetary Fund. Ukraine's economic output of $US176 billion last year would only modestly bolster the Russian bloc.