EU

Definition

The European Union (EU) is a political and economic union of 27 member states located primarily in Europe. It was established to promote peace, economic prosperity, and social progress through the integration of its member countries.

5 Must Know Facts For Your Next Test

1. The EU was established in 1993 with the signing of the Maastricht Treaty, which transformed the previously existing European Economic Community (EEC) into the European Union.
2. The EU's main objectives are to promote peace, its values, and the well-being of its citizens, as well as to ensure the free movement of goods, services, capital, and people within the internal market.
3. The EU has a complex institutional structure, including the European Commission, the European Parliament, the Council of the European Union, and the European Court of Justice.
4. The EU has a single market with a common currency (the euro) and a shared trade policy, which allows for the free movement of goods, services, capital, and labor within its borders.
5. The EU has been a driving force in promoting environmental protection, consumer rights, and social policies across its member states.

Review Questions

• Explain the key objectives and principles underlying the formation of the European Union.
  • The European Union was established with the primary goals of promoting peace, economic prosperity, and social progress through the integration of its member countries. Its core principles include the free movement of goods, services, capital, and people within the internal market, as well as the harmonization of policies and regulations across member states. The EU aims to enhance the well-being of its citizens, ensure environmental protection, and uphold consumer rights and social policies.
• Describe the institutional structure and decision-making processes of the European Union.
  • The European Union has a complex institutional structure that includes the European Commission (the executive branch), the European Parliament (the legislative body), the Council of the European Union (representing member state governments), and the European Court of Justice (the judicial branch). These institutions work together to propose, pass, and implement laws and policies at the EU level. The decision-making process often involves a balance of power between the Commission, Parliament, and Council, with the goal of reaching consensus among member states on important issues.
• Analyze the impact of the European Union on the diversity of countries and economies across the world.
  • The European Union has had a significant impact on the diversity of countries and economies globally. As a major economic and political bloc, the EU has shaped international trade agreements, environmental regulations, and social policies that have influenced the development of other regions and countries. The EU's common market and shared currency have also affected the global economy, contributing to both economic integration and the preservation of national and regional differences within Europe. The EU's role as a global leader in areas like renewable energy and human rights has also influenced the broader international community, highlighting the diverse perspectives and approaches to economic and social progress worldwide.

Related terms

European Commission: The executive branch of the European Union, responsible for proposing legislation, implementing decisions, and managing the day-to-day operations of the EU.

European Parliament: The directly elected legislative body of the European Union, responsible for passing laws, approving the EU budget, and overseeing the European Commission.

Eurozone: The monetary union of 19 EU member states that have adopted the euro as their common currency.