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EU History & Institutions Overview

The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. It has a total population of around 490 million people, which is about 7% of the world's population, and generates around 30% of global GDP. The EU was established in 1951 with six founding members and has since grown to include 27 members. Key EU institutions include the European Commission, Council of the European Union, European Parliament, and European Court of Justice. 16 of the 27 EU members have adopted the euro as their currency. The aims of the euro project include sustained non-inflationary growth, lower interest rates, higher investment, and lower unemployment across the EU.

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Robin Awathare
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97 views23 pages

EU History & Institutions Overview

The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. It has a total population of around 490 million people, which is about 7% of the world's population, and generates around 30% of global GDP. The EU was established in 1951 with six founding members and has since grown to include 27 members. Key EU institutions include the European Commission, Council of the European Union, European Parliament, and European Court of Justice. 16 of the 27 EU members have adopted the euro as their currency. The aims of the euro project include sustained non-inflationary growth, lower interest rates, higher investment, and lower unemployment across the EU.

Uploaded by

Robin Awathare
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

EURO

Click to edit Master subtitle style

4/28/12

European Union

27 Member states 490 million Population

7 percent
Population

Of World

30 percent Of Global GDP

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HISTORY

1951 European Coal and Steel Community In the aftermath of World War II, the aim was to secure peace among Europes victorious and vanquished nations and bring them together as equals, cooperating within shared institutions.
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Based on a plan by French Foreign

HISTORY

1957

Treaty of Rome

The six founding countries expanded cooperation to other economic sectors, creating the European Economic Community (EEC) or common market. As a result, people, goods, services, and capital today move freely across

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HISTORY

Maastricht Treaty (Treaty of European Union)

The treaty created the EURO Created the pillar structure of EU Created the EU Institutions required to monitor it

European Commission European Parliament European Court of Justice European Central Bank

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HISTORY
1951 Founding Members Belgium France Germany Italy Luxembourg Netherlands

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HISTORY
1973 Denmark Ireland United Kingdom

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HISTORY
1981

Greece

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HISTORY
1986 Portugal Spain

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HISTORY
1995 Austria Finland Sweden

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HISTORY
2004 Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Slovakia Slovenia 4/28/12

HISTORY
2007 Bulgaria Romania

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HISTORY
Candidate Countries Croatia Former Yugoslav Rep. of Macedonia Potential Candidate Countries Albania Bosnia & Herzegovina Montenegro Serbia incl. Kosovo

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EU Institutions

European Commission

27 Commissioners,

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EU Institutions

Council of the European Union


EUs main decision-making body, comprised of ministers of 27 Member States, representing Member States point of view. Decides on foreign policy issues. Council presidency rotates among

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EU Institutions

European Parliament
Voice of European citizens members elected for five-year terms. With the Council, passes EU laws and adopts EU budgets. Approves EU Commissioners.

European Court of Justice


Highest EU judicial authority. Ensures all EU laws are interpreted and applied correctly and uniformly. 4/28/12

EU Institutions

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Europe an

The uro

In 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States. Of the 27 EU Member States today, sixteen have adopted the euro. One of the striking benefits of a single European currency are low 4/28/12

Euro Project

Long term aims


Sustained non-inflationary growth Lower long term interest rates Higher rates of investment Lower unemployment Expansion of the EU single market

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Criteria for joining Euro

Flexibly applied for original Euro members but more strictly applied in the case of new member states Inflation:

Average inflation over previous year must not exceed by more than 1.5% that of the three lowest inflation countries Budget deficit must not exceed 3% of GDP Gross government debt must not exceed 60% of GDP yield on govt bonds must not exceed

Government Finances

Interest Rates:
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Single Market

EU was created to make a large single market

To make it an economic superpower Member states got rid of trade obstacles Economy of scales was achieved Barriers removed of movement of

People, goods, services and capital

Consumer benefited due to lower prices, greater choices 4/28/12

PROJECT

Evaluate on the basis of

GDP Existing Debt Annual Deficit Inflation Interest rate Population Contribution to GDP Deficit contributor

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Project

PORTUGAL ITALY IRELAND GREECE SPAIN FRANCE GERMANY UK

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