European Union
The European Union is a politico economic union of
28 member states that are located primarily in
Europe. It has an area of 43247278 km and an
estimated population of over 510 million.
EU policies aim to ensure the free movement of
people, goods, services and capital within the
internal market , enact legislation in justice and
home affairs, and maintain common policies on
trade, agriculture, fisheries, and regional development. Passport controls
have been abolished within the Schengen area (is the area including 26
European countries that have abolished passport and any other type of
border control at their mutual borders.)
A monetary Union was established in 1999 and come into full force in
2002, is composed of 19 EU member states which use euro currency.
The EU operates through a hybrid system
of supranational and intergovernmental decision-making. There are seven
principal decision-making bodies known as the institutions of the
European Union.
EURO
The euro () is the official currency of the Eurozone, which consists of 19
of the 28 member states of the European Union
:Austria, Belgium, Cyprus, Estonia, Finland, France,
Germany, Greece, Ireland, Italy, Latvia, Lithuania,
Luxemburg, Malta, the Netherlands, Portugal. Slovenia
and Spain. The currency is also officially used by
the institutions of the European Union, and is
consequently used daily by some 337 million Europeans.
The euro is the second largest reserve currency as well as the second
most traded currency in the world after the United States dollar.
The name euro was officially adopted on 16 December 1995. The euro
was introduced to world financial markets as an accounting currency on 1
January 1999, replacing the former European Currency Unit (ECU).
Physical euro coins and banknotes entered into circulation on 1 January
2002, making it the day to day operating currency of its members, and by
May 2002 had completely replaced the former currencies. It has traded
above the U.S. dollar since the end of 2002. Since late 2009, the euro has
been immersed in the European sovereign-debt crisis which has led to the
creation of the European Financial Stability Facility as well as other
reforms aimed at stabilizing the currency. In July 2012, the euro fell below
US$1.21 for the first time in two years, following concerns raised over
Greek debt and Spain's troubled banking sector.
ADVANTAGES AND DISADVANTAGES EU
ADVANTAGES
1. Tax free trading among members. (The member countries are free
to trade with other members at no additional taxation).
2. Opens up more opportunities. (Movement between all of the
countries in the EU is completely free and open for all citizens).
3. Culture is not lost. (No official language. This helps to ensure that,
while you are part of the union, you are also your own country)
4. A common currency.
5. No conflict between nations.
DISADVANTAGES
1. Communication barriers. It is difficult for EU, because they all speak
different language.
2. Shared wealth is not always good. For some countries, like
Germany, have to share their wealth with poorer countries.
3. Leaving is a problem, once a country decides to join the EU, it is so
difficult to leave it.
4. Discriminates Against Potential Members. In order to join the
European Union, you must be a part of Europe. Europes borders are
largely undefined, which gives the EU the power to pick and choose
who they would like to join the union.
5. Takes power from Gomments. This means that if they do not like a
political leader, they can simply kick them out of office.
6. Serves The Interest As A Whole, Not A Country. The policies,
decisions, and rules set in place by the European Union are not
there to protect the best interest of each individual country.
BREXIT
The United Kingdom's withdrawal from
the European Union is commonly
known as Brexit, a portmanteau of
"British exit". Following a UK
referendum held in June 2016, in which
52% of votes were cast in favour of
leaving the EU, Prime Minister David
Cameron resigned. Theresa May
became new Prime Minister and announced that the government intended
to invoke Article 50 of the Treaty on European Union, the formal procedure
for withdrawing, by the end of March 2017. This, within the treaty terms,
would put the UK on a course to leave the EU by the end of March 2019 if
no negotiated withdrawal agreement is reached. May has promised
a bill to remove the European Communities Act 1972 from the statute
book and to incorporate existing EU laws into UK domestic law. The terms
of withdrawal have not yet been negotiated; in the meantime, the UK
remains a full member of the European Union.
COUNTRIES IN THE EU
Austria (1995) Hungary (2004)
Belgium (1958) Ireland (1973)
Bulgaria (2007)
Croatia (2013) Italy (1958)
Cyprus (2004) Latvia (2004)
Czech Republic (2004) Lithuania (2004)
Denmark (1973) Luxembourg (1958)
Estonia (2004) Malta (2004)
Finland (1995) Netherlands (1958)
France (1958) Poland (2004)
Germany (1958) Portugal (1986)
Greece (1981) Romania (2007)
Slovakia (2004) Sweden (1995)
Slovenia (2004) United Kingdom (1973)
Spain (1986)
IMPORTANT PEOPLE OF THE EU
President of the European Parliament: Martin Schulz
President of the European Council: Donald Tusk
Presidency of the Council of the European Union: Slovakia (Robert Fico)
President of the European Commission: Jean-Claude Juncker
President of the Court of Justice: Koen Lenaerts
President of the European Central Bank: Mario Draghi
President of the European Court of Auditors: Vtor Manuel da Silva Caldeira
INSTITUTIONS EU
European Parliament
Role: Directly-elected EU body with legislative, supervisory, and budgetary
responsibilities.
Location: France, Belgium, Luxembourg.
European Council
Role: Defines the general political direction and priorities of the European
Union.
Location: Belgium.
European Commission
Role: Promotes the general interest of the EU by proposing and enforcing
legislation.
Location: Belgium.
European Central Bank
Role: To manage the euro, keep prices stable and conduct EU economic &
monetary policy.
Location: Germany.
European Economic and Social Committee
Role: Advisory body representing workers' and employers' organisations.
Location: Belgium.
CORRUPTION EU
The extent of corruption in Europe is "breath-
taking" and it costs the EU economy at least
120bn euros. The true cost of
corruption was "probably much higher" than
120bn.
Three-quarters of Europeans surveyed for the
Commission study said that corruption was
widespread, and more than half said the level
had increased. "The extent of the
problem in Europe is breath-taking,
although Sweden is among the countries with
the least problems," Ms Malmstroem wrote in Sweden's Goeteborgs-
Posten daily. The cost to the EU economy is equivalent to the bloc's annual
budget. For the report the Commission studied corruption in all 28 EU
member states. The Commission says it is the first time it has done such a
survey.
