Table of Content
The ECB is also the central institution of the Banking Union established within the eurozone and manages its Single Supervisory Mechanism. These is also a Single Resolution Mechanism in case of a bank default. The creation of a European single currency became an official objective of the European Economic Community in 1969. In 1992, having negotiated the structure and procedures of a currency union, the member states signed the Maastricht Treaty and were legally bound to fulfil the agreed-on rules including the convergence criteria if they wanted to join the monetary union. The states wanting to participate had first to join the European Exchange Rate Mechanism. Foreign policy co-operation between member states dates from the establishment of the community in 1957, when member states negotiated as a bloc in international trade negotiations under the EU's common commercial policy.
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Treaty of Lisbon, and Brexit (2004–present)
In addition to the legislative functions, members of the council also have executive responsibilities, such as the development of a Common Foreign and Security Policy and the coordination of broad economic policies within the Union. The Presidency of the council rotates between member states, with each holding it for six months. Beginning on 1 July 2022, the position is held by the Czech Republic. Bodies combatting fraud have also been established, including the European Anti-fraud Office and the European Public Prosecutor's Office. The latter is a decentralized independent body of the European Union , established under the Treaty of Lisbon between 22 of the 27 states of the EU following the method of enhanced cooperation.
The ESCB's objective is price stability throughout the European Union. Secondarily, the ESCB's goal is to improve monetary and financial cooperation between the Eurosystem and member states outside the eurozone. In 1957, Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany signed the Treaty of Rome, which created the European Economic Community and established a customs union. They also signed another pact creating the European Atomic Energy Community for co-operation in developing nuclear power. Although the EEC and Euratom were created separately from the ECSC, they shared the same courts, and the Common Assembly.
Initial years and the Paris Treaty (1948–
The high representative of the union for foreign affairs and security policy also takes part in its meetings. Described by some as the union's "supreme political leadership", it is actively involved in the negotiation of treaty changes and defines the EU's policy agenda and strategies. Its leadership role involves solving disputes between member states and the institutions, and to resolving any political crises or disagreements over controversial issues and policies.
Member states can issue euro coins, but the volume must be approved by the ECB beforehand. The European System of Central Banks consists of the ECB and the national central banks of all 27 member states of the European Union. The ESCB is not the monetary authority of the eurozone, because not all EU member states have joined the euro.
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It is typically free to use, and its source code is typically available for anyone to view, modify, and distribute. Additionally, OSS is often developed by a community of developers who contribute to the project, making it more reliable and secure. Make sure you check out my shop and our free SVG categories filled with premium quality svg cut files! The Article 35 of the Charter of Fundamental Rights of the European Union affirms that "A high level of human health protection shall be ensured in the definition and implementation of all Union policies and activities". The European Commission's Directorate-General for Health and Consumers seeks to align national laws on the protection of people's health, on the consumers' rights, on the safety of food and other products. Even though language policy is the responsibility of member states, EU institutions promote multilingualism among its citizens.
Through the Common Foreign and Security Policy, the union has developed a role in external relations and defence. It maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Due to its global influence, the European Union has been described by some scholars as an emerging superpower. The European Commission acts both as the EU's executive arm, responsible for the day-to-day running of the EU, and also the legislative initiator, with the sole power to propose laws for debate. The commission is 'guardian of the Treaties' and is responsible for their efficient operation and policing. It has 27 European commissioners for different areas of policy, one from each member state, though commissioners are bound to represent the interests of the EU as a whole rather than their home state.
The non-EU member states of Iceland, Norway, Liechtenstein and Switzerland participate in the single market but not in the customs union. Half the trade in the EU is covered by legislation harmonised by the EU. The single market involves the free circulation of goods, capital, people, and services within the EU, The free movement of services and of establishment allows self-employed persons to move between member states to provide services on a temporary or permanent basis. While services account for 60 per cent to 70 per cent of GDP, legislation in the area is not as developed as in other areas. This lacuna has been addressed by the Services in the Internal Market Directive 2006 which aims to liberalise the cross border provision of services.
The three largest suppliers of natural gas to the European Union are Russia, Norway and Algeria, that amounted for about three quarters of the imports in 2019. There is a strong dependence on Russian energy that the EU has been attempting to reduce. However, in May 2022, it was reported that the European Union is preparing another sanction against Russia over its invasion of Ukraine. It is expected to target Russian oil, Russian and Belarusian banks, as well as individuals and companies. According to an article by Reuters, two diplomats stated that the European Union may impose a ban on imports of Russian oil by the end of 2022.
In 2020, the first ever European Union Strategy on LGBTIQ equality was approved under Helena Dalli mandate. In December 2021, the commission announced the intention of codifying a union-wide law against LGBT hate crimes. Since 2019 there has been a European commissioner for equality and the European Institute for Gender Equality has existed since 2007. A Directive on countering gender-based violence has been proposed. In September 2022, a European Care strategy was approved in order to provide "quality, affordable and accessible care services". EU development action is based on the European Consensus on Development, which was endorsed on 20 December 2005 by EU Member States, the council, the European Parliament and the commission.
These countries, primarily developing countries, include some who seek to one day become either a member state of the European Union, or more closely integrated with the European Union. The EU offers financial assistance to countries within the European Neighbourhood, so long as they meet the strict conditions of government reform, economic reform and other issues surrounding positive transformation. This process is normally underpinned by an Action Plan, as agreed by both Brussels and the target country. In 2007, EU countries as a whole imported 82 per cent of their oil, 57 per cent of their natural gas and 97.48 per cent of their uranium demands.
The treaty also gave the name European Community to the EEC, even if it was referred to as such before the treaty. With further enlargement planned to include the former communist states of Central and Eastern Europe, as well as Cyprus and Malta, the Copenhagen criteria for candidate members to join the EU were agreed upon in June 1993. The expansion of the EU introduced a new level of complexity and discord.
Furthermore, the European Convention on Human Rights and European Social Charter, as well as the source of law for the Charter of Fundamental Rights are created by the Council of Europe. The EU opposes the death penalty and has proposed its worldwide abolition. On 19 October 2020, the European Union revealed new plans to create a legal structure to act against human rights violations worldwide. The new plan was expected to provide the European Union with greater flexibility to target and sanction those responsible for serious human rights violations and abuses around the world. This was the first common political framework for space activities established by the EU.
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