This Research Paper Is On The History Of The European Union And The Various Aspects And Functions Regarding It, As Well As Its Potential Impact And Influental Power On Global Economics

1944 words - 8 pages

History of the European UnionAbstractThe history of the European Union has grown out of the ashes of World War II. In an effort that seeks to unify the smaller countries in the region into a much larger, united Europe, is now seeing many of their goals accomplished. Over the last fifty years, the formulation of regulatory bodies overseen by representatives from each member state and its new euro-currency, the European Union is quickly becoming an economic powerhouse. I believe the growing European Union will have a much larger impact on international trade and will represent a formidable competitor to the United States in future years.Table of Contents§Introduction§The E ...view middle of the document...

Institutions of the EUThere are five institutions involved in running the EU. The first, being the European Parliament, It's elected by the peoples of the Member States.Second, The EU Council, which represents the governments of each Member State. Third, The Commission, which is the executive branch and body that has the right to initiate legislation. Fourth, The Court of Justice put together to ensure compliance with EU law. Last, The Court of Auditors, who maintain the responsibility for auditing the accounts.These institutions are supported by other bodies: the Economic and Social Committee and the Committee of the Regions (advisory bodies which help to ensure that the positions of the EU's various economic and social categories and regions respectively are taken into account), the European Ombudsman (dealing with complaints from citizens concerning maladministration at European level), the European Investment Bank (EU financial institution) and the European Central Bank (responsible for monetary policy in the euro-area).The EuroFor the first time since the Roman Empire, a large portion of Europe now shares a common currency, the euro. At the stroke of midnight Thursday, December 11, 1999, EU nations launched a single currency, the euro, creating the world's second-largest economy behind the United States. Rates were announced Thursday for the euro, which became official tender on Friday, as rates for the eleven national currencies were locked together after conversion.The euro was used immediately for electronic financial and business transactions, but euro coins and notes will not be issued to the general public until January 2002. Until then, consumers will be able to have euro-denominated bank and credit card accounts, mortgages and travelers' and personal checks.The introduction of the euro will change the fields of finance, industry, commerce and international relations for the participating nations: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Britain, Denmark and Sweden chose not to adopt the euro -- at least not at the launch date.Creation of the euro is seen as one of the most extraordinary steps in Europe's long history, forging a common future as an integrated economic power when, just over fifty years ago, many were enemies on the battlefield. It will be the first time the continent of Europe will have its own currency and the first time there has been such an achievement without war. (Europia, 2001, 1)The EU: A Superpower in the MakingIt's hard to believe that just over fifty years ago, Europe picked itself out of the ashes of World War II and decided to unite. The many small countries in Western Europe figured they would stand a better chance of survival and competing economically on a global scale by pooling their resources.After the fall of the USSR and the rise of the U.S. as the only superpower, the EU gained strength and status after an overhaul of its found...

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