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.
