Economic Integration Terms

noun a person who is fond of or devoted to Europe or the European Union

• The politician is known for being a staunch europhile, advocating for closer ties with European countries.
• She's a real europhile - always raving about how much she loves traveling in Europe.
• I never knew he was such a europhile until he started posting pictures of his trip to Paris.
• As a europhile, she sees the beauty in diversity and unity among different cultures.

noun a group of countries that have agreed to eliminate tariffs and other trade barriers between themselves, and to adopt common external tariffs on goods from countries outside the union

• The two countries agreed to form a customs union to facilitate trade between them.
• Joining the customs union will make it easier for us to buy and sell goods with our neighboring countries.
• Being part of the customs union means we can avoid all the hassle of import and export paperwork.
• In a way, being in a customs union is like being part of a big club where everyone helps each other out with trade agreements.

noun the act of allowing a financial services firm registered in one member state of the European Union to provide services in another member state without having to establish a physical presence in that state

verb present participle of the verb 'passport', which means to allow a financial services firm to operate in another country without needing to go through additional regulatory processes

• The company relies on passporting rights to provide financial services across the EU.
• If you want to work in Europe, you'll need to understand passporting regulations.
• I heard they're cracking down on passporting, so be careful when traveling abroad.
• In the world of business, having strong passporting abilities can open up new opportunities.