Question

Briefly identify each term:

1. Eurozone

2. COP21

3. Austerity

4. Treaty of Maastricht

5. Belt and Road Initiative

6. Rio Conference

Answer 1

1. Eurozone- The eurozone, commonly known as the euro region, is a monetary union comprising 19 of the 27 member states of the European Union (EU) that have adopted the euro as their common currency and sole legal tender. The eurozone currency regulator is the Eurosystem. The other eight European Union members continue to use their own national currencies, while the bulk of them will be obliged to accept the euro in the future.

2. COP21- The Paris Agreement is an agreement among the representatives of more than 170 countries to minimize greenhouse gas emissions and restrict the rise in global temperature to below 2 degrees Celsius (3.6 F) above pre-industrial rates by the year 2000. Ideally the agreement is intended to keep the rises below 1.5 degrees Celsius (2.7 F). The deal is also called the United Nations Framework Convention on Climate Change, 21st Conference of the Parties.

3. Austerity- Austerity is a series of political-economic policies aimed at reducing government budget deficits through spending cuts, tax increases, or a combination of both.Governments which find it difficult to pay their debts using austerity measures. The measures are intended to reduce the budget deficit by bringing government revenues closer to spending which is supposed to make debt payment easier. The austerity measures also demonstrate investors and credit rating agencies the fiscal discipline of a country.

4. Treaty of Maastricht- The Treaty of Maastricht, officially known as the Treaty on European Union, is the international agreement which is responsible for forming the European Union ( EU).

5. Belt and Road Initiative- The Belt and Road Initiative is a global development policy adopted by the Chinese government in 2013 that involves construction of infrastructure and investments in almost 70 countries and international organizations.

6. Rio Conference- The Earth Summit was established as a response for Member States to cooperate internationally on post-Cold War development issues. The Earth Summit was held as a forum for other Member States to cooperate because of problems related to sustainability being too large for individual Member States to address. Since the creation, many others in the field of sustainability show a similar development to the issues discussed in these conferences, including non-governmental organizations (NGOs).