A Brief History of the European Union 1950 2008 Same year: the “Single European Act” was signed, revising the Treaty of Rome and re-launching European integration 18. Article 14 of the 2010 Lisbon Treaty describes the functions of the European Parliament: "The European Parliament shall, jointly with the Council, exercise legislative and budgetary functions. It eliminated customs duties in 1968. Function of European Union: 1: Internal Market: Two of the original core objectives of the European Economic Community were the development of a common market, subsequently renamed the single market, and a customs union between its member states. By using The Balance, you accept our. This chart shows which countries are members of the EU, the eurozone, and the Schengen Area: In 1950, the concept of a European trade area was first established. Accessed Aug. 4, 2020. The Commission shall promote the general interest of the Union and take appropriate initiatives to that end. The European Parliament has become increasingly influential in past decades. European Central Bank. According to the official site, citizens have a variety of ways to contribute, including "by giving their views on EU policies during their development or suggest improvements to existing laws and policies. In fact, earlier this year, Slovenia declared it would take fellow EU member Croatia to court over the border dispute, Reuters reported. ; Upholding EU law – The Commission can take action against businesses or states … "International Trade and Transport," Page 30. The predecessor of the EU was created in the aftermath of the Second World War. The role of the EEAS is to try and bring coherence and coordinating to the European Union's international role. European Union. At the same time, it must balance the needs of its independent fiscal and political members. "The 27 Member Countries of the EU." Most of us hear about the European Union in the news, and we know, more or less, that it represents several European countries in a united, global front. They are divided into four function groups: I. manual and administrative support-service tasks; II. this is in order to make the most of the collective abilities of the member states, for example free trade, freedom of movement, freedom of job choice. Among other things, the EEC was designed to help break down trade barriers between countries in Europe, protect from private trade agreements that could diminish competition, and establish common agricultural and trade agreements and standards. They are Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland. Still, the European Union is not the same thing as eurozone - which, created in 2005, is simply the collection of all the countries that use the euro. "Ins and Outs of Trading the EUR/USD Currency Pair." The Executive Commission: The executive commission of the European Union is the very important institution. European Union - European Union - Creation of the European Economic Community: On March 25, 1957, the six ECSC members signed the two Treaties of Rome that established the European Atomic Energy Community (Euratom)—which was designed to facilitate cooperation in atomic energy development, research, and utilization—and the European Economic Community (EEC). What Is an Exchange Rate Mechanism (ERM)? The Euro as an International Currency: Implications for Exchange Rate Policy, Ins and Outs of Trading the EUR/USD Currency Pair, Why the US Dollar Is Still Seen as the World's Currency. Ambitions of the EU ’ s common currency - the euro - with famously! 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