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THE EUROPEAN UNION

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THE EUROPEAN UNION
The European Union consists of a group of 25 countries in Europe which have decided to join forces for their mutual benefit.

The objectives of the EU include :

  • the defence of freedom, democracy, respect for human rights, fundamental freedoms and the rule of law
  • the creation of an economic and monetary union, including a stable, single currency
  • solidarity between the Union's peoples
  • the promotion of social and economic progress
  • the establishment of a common citizenship
  • the development of a common foreign and security policy
  • cooperation in the fields of justice and home affairs

THE EUROPEAN PARLIAMENT

  • 626 members
  • elected for five years by direct universal suffrage
  • the Parliament normally meets in Strasbourg
  • powers :
    - legislative power; it can make laws
    - budgetary powers; it approves the Union's budget every year and can propose modifications and amendments
    - supervision of the executive; it exercises overall political supervision over the way the Union's policies are conducted.

THE EUROPEAN COUNCIL

  • called the "European Summit"
  • composed if the Heads of State and Government
  • meets twice a year
  • sets the general guidelines for Europe's development and activities

THE COUNCIL OF MINISTERS



  • principal decision - making institution of the EU
  • shares executive power with the Commission
  • made up of Member States' government ministers for each specific area (agriculture, finance, transport, etc..)
  • has the final say over whether Union legislation is adopted or not

THE EUROPEAN COMMISSION

  • the executive institution
  • made up of twenty members appointed for five years
  • powers :
    - to ensure that the treaties are observed
    - to propose European legislation
    - to administer Union policies

THE COURT OF JUSTICE

  • made up of fifteen judges
  • ensures that the law is observed in the interpretation and application of the Treaties and generally in all of the activities of the Union

THE COURT OF AUDITORS

  • made up of fifteen members appointed for a six-year term
  • responsible for checking that the EU spends its money according to its budgetary rules and regulations and for the purposes for which it is intended

THE MONETARY UNION

A single currency, the euro, was started using on January 1st 1999.These countries loked the exchange rates of their national currencies to the euro and are sharing the new currency. However, euro notes and coins are not available until January 1, 2002. Until then, the old national currency notes and coins continue to circulate. The 25 countries share a single interest rate, set by European Central Bank(ECB), and single foreing exchange rate.The ECB is responsible for the monetary policy of these euro zone countries. Countries whose economies are not ready to join, and countries that have decided not to join yet, can join when they are ready, provided that they have meet the conditions for entry set out in the Maastricht Treaty.








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