European Union

Resume
Identification
European Union
Acronym
EU
Logo

Homepage
http://europa.eu/index_en.htm
Foundation
1992 by the EU Treaty
Previously
EEC (European Economic Community) founded in 1957 by the EC Treaty
Origins
ECSC (European Coal and Steel Community) among 6 countries, founded in 1951 by the Treaty of Rome
Key facts
European Union (EU):

is an economic and political union of 27 member states

operates through a hybrid system of supranationalism and intergovernmentalism
Member States are independent sovereign nations but they pool their sovereignty to the EU to gain a strength and world influence none of them could have on their own.

has over 500 million citizens

generates an estimated 30% share (US$ 18.4 trillion in 2008) of the nominal gross world product and about 22% (US$15.2 trillion in 2008) of the PPP gross world product.

Has a single market through a standardised system of laws which apply in all member states, ensuring the free movement of people, goods, services, and capital.

Monetary Union:
Since, 1 January 2000 the euro (€), the official currency of the European Union, entered in circulation.
Budget
2008 amounts to EUR 129.1 billion
see http://ec.europa.eu/budget/.
EU's Institutions
The EU's decision-making process in general and the co-decision procedure in particular involve three main institutions:

the European Parliament (EP), which represents the EU’s citizens and is directly elected by them;
the Council of the European Union, which represents the individual member states;
the European Commission, which seeks to uphold the interests of the Union as a whole.

This ‘institutional triangle’ produces the policies and laws that apply throughout the EU. In principle, it is the Commission that proposes new laws, but it is the Parliament and Council that adopt them. The Commission and the member states then implement them, and the Commission ensures that the laws are properly taken on board.
Two other institutions have a vital part to play:

the Court of Justice upholds the rule of European law,
the Court of Auditors checks the financing of the Union’s activities

The powers and responsibilities of these institutions are laid down in the Treaties, which are the foundation of everything the EU does. They also lay down the rules and procedures that the EU institutions must follow. The Treaties are agreed by the presidents and/or prime ministers of all the EU countries, and ratified by their parliaments.
EU Bodies
Financial bodies:

the EIB - European Investment Bank finances EU investment projects, and helps small businesses via the European Investment Fund;
the ECB - European Central Bank is responsible for European monetary policy;
The EIF - European Investment Fund helps small businesses;

Advisory bodies

the EESC - European Economic and Social Committee represents civil society, employers and employees;
the CoR - Committee of the Regions represents regional and local authorities;

Interinstitutional bodies:

the Office for Official Publications of the European Communities publishes information about the EU;
the EPSO - European Personnel Selection Office recruits staff for the EU institutions and other bodies;
the European Administrative School task is to provide training in specific areas for members of EU staff.

General:

the European Ombudsman investigates complaints about maladministration by EU institutions and bodies;
the European Data Protection Supervisor safeguards the privacy of people’s personal data;

In addition, specialised agencies have been set up to handle certain technical, scientific or management tasks..

Resume
Identification	European Union
Acronym	EU
Logo
Homepage	http://europa.eu/index_en.htm
Foundation	1992 by the EU Treaty
Previously	EEC (European Economic Community) founded in 1957 by the EC Treaty
Origins	ECSC (European Coal and Steel Community) among 6 countries, founded in 1951 by the Treaty of Rome
Key facts	European Union (EU): is an economic and political union of 27 member states operates through a hybrid system of supranationalism and intergovernmentalism Member States are independent sovereign nations but they pool their sovereignty to the EU to gain a strength and world influence none of them could have on their own. has over 500 million citizens generates an estimated 30% share (US$ 18.4 trillion in 2008) of the nominal gross world product and about 22% (US$15.2 trillion in 2008) of the PPP gross world product. Has a single market through a standardised system of laws which apply in all member states, ensuring the free movement of people, goods, services, and capital. Monetary Union: Since, 1 January 2000 the euro* (€), the official currency of the European Union, entered in circulation.*
Budget	2008 amounts to EUR 129.1 billion see http://ec.europa.eu/budget/.
EU's Institutions	The EU's decision-making process in general and the co-decision procedure in particular involve three main institutions: the European Parliament (EP), which represents the EU’s citizens and is directly elected by them; the Council of the European Union, which represents the individual member states; the European Commission, which seeks to uphold the interests of the Union as a whole. This ‘institutional triangle’ produces the policies and laws that apply throughout the EU. In principle, it is the Commission that proposes new laws, but it is the Parliament and Council that adopt them. The Commission and the member states then implement them, and the Commission ensures that the laws are properly taken on board. Two other institutions have a vital part to play: the Court of Justice upholds the rule of European law, the Court of Auditors checks the financing of the Union’s activities The powers and responsibilities of these institutions are laid down in the Treaties, which are the foundation of everything the EU does. They also lay down the rules and procedures that the EU institutions must follow. The Treaties are agreed by the presidents and/or prime ministers of all the EU countries, and ratified by their parliaments.
EU Bodies	Financial bodies: the EIB - European Investment Bank finances EU investment projects, and helps small businesses via the European Investment Fund; the ECB - European Central Bank is responsible for European monetary policy; The EIF - European Investment Fund helps small businesses; Advisory bodies the EESC - European Economic and Social Committee represents civil society, employers and employees; the CoR - Committee of the Regions represents regional and local authorities; Interinstitutional bodies: the Office for Official Publications of the European Communities publishes information about the EU; the EPSO - European Personnel Selection Office recruits staff for the EU institutions and other bodies; the European Administrative School task is to provide training in specific areas for members of EU staff. General: the European Ombudsman investigates complaints about maladministration by EU institutions and bodies; the European Data Protection Supervisor safeguards the privacy of people’s personal data; In addition, specialised agencies have been set up to handle certain technical, scientific or management tasks..