European Union (EU)
| Section | Details |
|---|---|
| Introduction | – Establishment: The EU is a political and economic union of European countries, evolving from the European Economic Community established in 1957. – Purpose: To promote economic cooperation, ensure peace and stability, and foster integration among member states. – Headquarters: Brussels, Belgium. |
| Objectives | – Economic Integration: Establish a single market allowing free movement of goods, services, capital, and people. – Political Cooperation: Develop common policies on various issues, including agriculture, fisheries, and regional development. – Social Progress: Promote employment, social inclusion, and environmental protection. – Global Presence: Enhance the EU’s role on the international stage through a common foreign and security policy. |
| Members as of December 2024 | – Total Members: 27 countries. – Member States: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden. (worldpopulationreview.com) |
| Reports/Indices | – Consolidated Annual Accounts of the European Union: Provides a comprehensive overview of the EU’s financial activities, assets, liabilities, revenue, and expenditure for each financial year. (European Commission) – Annual Report of the European Central Bank (ECB): Details the ECB’s monetary policy, financial statements, and economic analyses. (European Central Bank) – Harmonised Index of Consumer Prices (HICP): Measures inflation and price stability across EU member states. (European Central Bank) – Macroeconomic Imbalance Procedure (MIP) Scoreboard: Monitors economic indicators to detect potential macroeconomic imbalances within the EU. – Joint Harmonised EU Programme of Business and Consumer Surveys: Collects data to track economic sentiment and business cycles within the EU. |
| Instruments | – Treaty of Lisbon: Amends the EU’s two core treaties to enhance efficiency and democratic legitimacy. – Single European Act: Sets the foundation for the single market. – Schengen Agreement: Abolishes internal border checks among participating countries. – Common Agricultural Policy (CAP): Supports farmers and promotes sustainable agriculture. – European Stability Mechanism (ESM): Provides financial assistance to eurozone countries in distress. – NextGenerationEU: A recovery instrument to support member states affected by the COVID-19 pandemic. |
| Structure | – European Council: Defines the EU’s overall political direction and priorities. – European Commission: Proposes legislation and ensures EU laws are applied. – Council of the European Union: Represents member states’ governments, adopting laws and coordinating policies. – European Parliament: Elected body representing EU citizens, involved in law-making. – Court of Justice of the European Union: Ensures EU law is interpreted and applied uniformly. – European Central Bank (ECB): Manages the euro and formulates monetary policy. |
| Subsidiary Organs | – European Economic and Social Committee (EESC): Represents civil society, employers, and employees. – Committee of the Regions (CoR): Represents regional and local authorities. – European Investment Bank (EIB): Provides financing for EU projects. |
| Committees | – Economic and Financial Committee: Prepares discussions on economic and financial matters. – Political and Security Committee: Monitors international situations and helps define EU policies. – Standing Committee on Operational Cooperation on Internal Security (COSI): Enhances cooperation on internal security. |
| Initiatives | – European Citizens’ Initiative: Allows EU citizens to participate directly in the development of EU policies by calling on the European Commission to propose legislation on specific issues. (European Citizens’ Initiative) – European Green Deal: Aims to make the EU climate-neutral by 2050 through initiatives that promote clean energy, sustainable industry, and biodiversity. (European Commission) – Digital Strategy: Promotes digital transformation and technological sovereignty, ensuring that digital solutions help Europe achieve its climate goals. (European Union) – Recovery and Resilience Facility: Supports reforms and investments in member states post-COVID-19, focusing on green and digital transitions. (European Commission) – Global Gateway: Invests in infrastructure development worldwide, aiming to boost smart, clean, and secure links in digital, energy, and transport sectors. (European Commission) – Horizon Europe: Funds research and innovation projects to drive systemic |
