The European Union was created with the goal of ending the brutal wars between neighbors, which escalated during World War ll. Europeans were determined to prevent massive killing and destruction from ever happening again. West European nations constructed the Council of Europe in 1949. The six founders of the European Union are Germany, France, Belgium, Luxembourg, Italy, and the Netherlands(Theodora). In 1957, the six founders expanded cooperation to different economic sectors. They devised and signed the Treaty of Rome, which created the European Economic Community (EEC). The idea was for people, goods and services to move freely and easily across borders. The European Union enters into its first big international agreement in 1963. It entered into a deal to aid 19 former colonies in Africa (Theodora). The European Union is the world's biggest provider of development assistance to poor countries. In 1972, to maintain monetary stability, European Union members decide to allow their currencies to charge against each other. This exchange rate mechanism (ERM), created in 1972, is the first step towards the introduction of the euro.
In 1973, the six members of the European Union became nine when Denmark, Ireland and the United Kingdom formally enter. Membership of the European Union reaches double figures when Greece ends up joining. 1986 marked the year that Spain and Portugal entered the EU, bringing membership to 12(Theodora).
The Treaty of the European Union is signed in Maastricht. It is a huge European Union milestone, creating set rules for the future single currency, as well as for foreign and security policy, and closer cooperation in justice and home affairs. Under the treaty, the name 'European Union' officially replaced the previous name, 'European Community'. In 1990, Germany became unified and as a result, the former East Germany became part of the European Union. In 1995, Austria, Finland and Sweden joined the European Union (Theodora). The 15 members covered almost all of Western Europe.
In 1991, the Euro was first introduced. It was established by the provisions in the 1992 Maastricht Treaty. In the Maastricht Treaty, Denmark and the United Kingdom were granted exemptions from their request to move to the stage of monetary union that resulted in the introduction of the euro. Economists who helped create or contributed to the euro include: Neil Dowling, Fred Arditti, Robert Mundell, Robert Tollison, and Wim Duisenberg(Eurlex). According to Europarl.su, the name "euro" was officially coined in Madrid on December 16th, 1995. Due to differences in national systems for rounding, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The rates were determined by the Council of the European Union, based on recommendation from the European Commission based on current market rates. They were set so that one European Currency Unit (ECU) would equal exactly one euro. The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not yet a currency in itself.
The euro is the sole currency of 17 European Union member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain(Eurlex). Outside the European Union, the euro is the sole currency of Montenegro and Kosovo, and several European smaller states such as Andorra, Monaco, San Marino and the Vatican City. Together the usage of the euro outside the European Union affects over 3 million people.
Since its introduction, the euro has been the second most widely held international reserve currency following the US dollar. The euro was given and built on the status of the Deutsche Mark as the second most important reserve currency. The euro continues to be underweight as a reserve currency in advanced economies while overweight in
The EU has 27 member countries at the moment, and the member countries agree to work together to obey EU laws and contribute money to the EU budget. The EU countries share laws about things like human rights and follow rules about things like fishing and farming. The EU government is complicated;. EU countries trade between themselves without Tariffs. Tariffs are charges country imposes on goods imported from abroad. This single market means that Businesses have a huge number of people to sell their…
Outline the advantages of liberalisation as expressed in the EU competition commissions policy by analysis of: Benefits to customers Employment levels Business efficiency Potential economic development and gdp growth (40%) Discuss advantages of liberisation etc(20) Compare experiences of liberisation within the EU member states to other world wide experiences. (10%) Grammar research (30%) To understand the EU competition policy, you have to understand in economic terms what competition…
European Union The European Union is an economic and political union of 27 member states that are located primarily in Europe. The European Union is a society in which people come together in order to keep peace and security within their nations. The Union was officially founded in 1935 by 5 countries. “Germany, France, Italy, Romania, and Sweden.” The sole purpose of the European Union is to create a united Europe and to allow freedom of movement and enterprise mainly amongst the unions members…
Citations…………………………………………………………….……………………………….…………..…10 I. Executive Summary The European Union (EU) is a political and economic union of 28 countries throughout the European continent. These countries have come together to develop a single market through the use of a standardized set of laws and economic policies. Through the use of the European Union, countries aim to transcend national borders by ensuring unrestricted movement of people, goods, services, and capital…
European Union The European Union was founded on November 1, 1993 by several great minds. Among others, it’s most notable founders are that of Winston Churchill and Jean Monnet. The European Union has allowed us to live in peace and have the stability that we have today. All of its leaders had the same vision in mind when they created ideals of the European Union which is simply a peaceful, prosperous Europe. Most of the structure of the European Union has been founded upon many treaties and has…
Operation Artemis: A Success Story The European Union and Congo By Sharona Mulder S2354195 Ten Kate, group 1 English Proficiency 2, LEV007B10 3 February 2012 Words: 2033 The First African World War1 and the Central African Web of Wars,2 both terms are coined to describe the conflict in Congo, which has been affecting the country since 1998, and has already caused the death of five million people.3 Implicated in those terms, is that it is a complicated conflict, where many different…
The EU still holds a significant position in global economy According to Europa (nd), the European Union (EU) is a politico-economic union of 28 member states which is headquartered in Brussels, Belgium. The EU was emanated from the aftermath of the Second World War. Its original organisation is the European Economic Community (EEC) that was initially aimed to boost economic cooperation and avoid repeated wars which destroy economy to a large extent. This paper mainly focus on the significant position…
There are many different types of council and courts that help make the European Union function as a whole. Without all of these councils and departments the European Union would fail and not be able to sustain itself. These different councils set up rules, laws, enforce the rules and laws and try to be as fair for all countries within the European Union. The European Commission proposes legislation and help implements decisions. The current President of the European Commission is Jose Manuel…
At the same time the level of economic integration with the EU countries together to play a global role in the effect of operation. Estimated from a simple calculation, there is a combination of the EU's GDP is assumed that they are drawing the same country, will be the world's highest number. This is why there is a strong need for such integration continued coordination between the Member States. The EU is based on the rule of law: everything that it does is founded on treaties, voluntarily and…
A Look at the Modern Institutions of the World Western Governors University In this paper I will be discussing the characteristics of a modern nation-state, the European Union, and a couple of the foreign policies of the United States. By the end of this paper there should be an understanding of what makes a modern nation-state and also some examples of countries that are either a nation or state. To understand what a nation-state is, you must first understand what both a state and…