EU

Definition

The EU, or European Union, is a political and economic union of 27 member states located primarily in Europe. It was established to promote cooperation, peace, and economic prosperity among its member nations through the implementation of shared policies, the free movement of people, goods, services, and capital, and the adoption of a common currency, the Euro.

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 Communities into the European Union.
2. The EU's primary goals are to promote peace, its values, and the well-being of its citizens, as well as to ensure the security and sustainable development of Europe.
3. The EU has a single market with no internal borders or barriers to the free movement of goods, services, capital, and people, which is one of its core principles.
4. The EU has its own currency, the Euro, which is used by 19 of the 27 member states, and it also has a common trade policy and agricultural policy.
5. The EU is governed by several institutions, including the European Commission, the European Parliament, the Council of the European Union, and the European Court of Justice.

Review Questions

• Describe the primary goals and objectives of the European Union.
  • The primary goals of the European Union are to promote peace, its values, and the well-being of its citizens, as well as to ensure the security and sustainable development of Europe. The EU aims to achieve these goals through economic cooperation, the free movement of people, goods, services, and capital, the implementation of shared policies, and the adoption of a common currency, the Euro. By fostering cooperation and integration among its member states, the EU seeks to enhance the prosperity and stability of the European continent.
• Explain the role and structure of the key institutions that govern the European Union.
  • The European Union is governed by several key institutions, including the European Commission, the European Parliament, the Council of the European Union, and the European Court of Justice. The European Commission is the executive branch, responsible for proposing legislation, implementing decisions, and managing the day-to-day operations of the EU. The European Parliament is the directly elected legislative body, responsible for passing laws, approving the EU budget, and overseeing the other EU institutions. The Council of the European Union represents the national governments of the member states and is involved in the decision-making process. The European Court of Justice is the judicial branch, responsible for interpreting and applying EU law.
• Analyze the impact of the European Union's single market and common currency on the economic integration and cooperation among its member states.
  • The European Union's single market and common currency, the Euro, have had a significant impact on the economic integration and cooperation among its member states. The single market, with its free movement of goods, services, capital, and people, has fostered greater economic interdependence and trade among the EU member states, leading to increased economic prosperity and competitiveness. The common currency, the Euro, has further strengthened economic integration by eliminating exchange rate fluctuations and transaction costs, facilitating cross-border transactions, and promoting financial stability. However, the adoption of the Euro has also presented challenges, such as the need for coordinated fiscal and monetary policies, and has highlighted the economic disparities among the member states. Overall, the EU's single market and common currency have been instrumental in driving economic integration and cooperation, but also require ongoing efforts to address the challenges and ensure the long-term sustainability of the European project.

Related terms

European Commission: The executive branch of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties, 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 other EU institutions.

Eurozone: The group of 19 EU member states that have adopted the Euro as their official currency, forming a monetary union.