European Union and its history, laws, achievements, advantages | Eurozone, European central Bank, Brexit and article 13.
The European Union (EU) is a
political and economic union of 28 member states in Europe,
spread at 4,475,757 km2 (1,728,099 sq.mile) and an
estimated population of about 513 million. The EU has developed an internal single market through
a standardized system of laws that apply in
all member states in those matters, and only those matters, where members have
agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital
within the internal market, enact legislation in justice and home affairs and
maintain common policies on trade, agriculture, fisheries and regional development.
For travel within the Schengen
Area, passport controls have been abolished. A
monetary union was established in 1999 and came into full
force in 2002 and is composed of 19
EU member states which use the euro currency.
The EU and European citizenship were
established when the Maastricht Treaty came
into force in 1993. The EU traces its origins to the European Coal and Steel Community (ECSC)
and the European Economic Community (EEC),
established, respectively, by the 1951 Treaty of Paris and 1957 Treaty
of Rome. The original members of what came to be known as the European Communities were
the Inner Six: Belgium, France, Italy, Luxembourg, the Netherlands,
and West Germany. The Communities and its successors have grown in
size by the accession of new member states and
in power by the addition of policy areas to its remit. The latest major
amendment to the constitutional basis of the EU, the Treaty
of Lisbon, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United
Kingdom signified
the intention to leave after a membership
referendum in June 2016 and is negotiating its withdrawal.
Covering 7.3% of the world population, the EU in
2017 generated a nominal gross domestic product (GDP)
of 19.670 trillion US dollars, constituting approximately 24.6% of global nominal
GDP. Additionally, all 28 EU countries have a very high Human Development Index,
according to the United Nations Development Programme.
In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy,
the EU has developed a role in external relations and defence.
The union maintains permanent diplomatic
missions throughout the world and represents itself at the United Nations,
the World
Trade Organization, the G7 and
the G20. Because of its global influence, the European
Union has been described as an emerging superpower.
EU Countries : List of 28
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia,
Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden & United Kingdom.
EU Currency :
19 Countries adopted & bear the currency- EURO called as EUROZONE member countries under Eurosystem..and the rest of all are following--
Bulgaria- currency - lev
Croatia- currency - kuna
Czechia- currency - Czech Koruna
Denmark- currency - Krone(DKK)
Hungary- currency - forint
Poland- currency - złoty
Romania- currency - leu
Sweden- currency -
Krona(SEK)
U.K- currency - Pound sterling
* 4 -Non European Union states- Andorra, Monaco, San Marino, and Vatican City also had signed an agreement to adopt & bear Euro.
EU Currency denomination :
Euro banknotes:
€5, €10, €20, €50, €100, €200 and €500
€5, €10, €20, €50, €100, €200 and €500
Euro coins:
1c/1cent, 2c, 5c, 10c, 20c, 50c , €1 and €2.
Eurozone :
The Eurozone or euro area is a monetary union, consists of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem. The other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in the future. Eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.
Since the financial crisis of 2007–08, the eurozone has
established and used provisions for granting emergency loans to member states
in return for enacting economic reforms. The eurozone
has also enacted some limited fiscal integration:
for example, in peer review of each other's national budgets. The issue is
political and in a state of flux in terms of what further provisions will be
agreed for eurozone change.
Eurosystem:
Eurosystem has exclusive right to issue euro banknotes. Member states can issue euro
coins, but the
amount must be authorised by the ECB beforehand. Main objective of the Eurosystem
is price
stability, financial
stability and financial integration. The mission statement of the Eurosystem says that the ECB and the
national central banks jointly contribute to achieving the objectives. to define and implement
the common monetary policy of the Eurozone. Besides,
Eurosystem conducts foreign exchange operations,
hold and manage the official foreign reserves of
the euro zone Member States, and promote the smooth operation of payment
systems.
Eurosystem is fully independent when performing Eurosystem-related tasks, neither the ECB, nor an NCB, nor any
member of their decision-making bodies may seek or take instructions from any
external body.
European Central Bank(ECB) :
The European Central Bank(ECB), which is governed by a president and a board of the heads of national central banks, sets the monetary policy of the zone. The principal task of the ECB is to keep inflation under control. Though there is no common representation, governance or fiscal policy for the currency union, some co-operation does take place through the Eurogroup, which makes political decisions regarding the eurozone and the euro. The Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders also form the Eurogroup.
National Central Bank(NCB) under Eurozone :
Austria: Oesterreichische Nationalbank
Belgium: National Bank of Belgium
Cyprus: Central Bank of Cyprus
Estonia: Eesti Pank
Finland: Bank of Finland
France: Banque de France
Germany: Deutsche Bundesbank
Greece: Bank of Greece
Ireland: Central Bank of Ireland
Italy: Bank of Italy
Latvia: Latvijas Banka
Lithuania: Lietuvos Bankas
Luxembourg: Banque centrale du Luxembourg
Malta: Central Bank of Malta
Netherlands: De Nederlandsche Bank
Portugal: Banco de Portugal
Slovakia: Národná banka Slovenska
Slovenia: Bank of Slovenia
Spain: Banco de España
BREXIT :
United
Kingdom(Britain), formerly a member
of European Union (EU), On June 23, 2016 by a referendum people of UK opted to
exit itself from the European Union and Brexit is the modern nomenclature gifted by the social medias from
around the globe for this exit. The expanded form entails Britain’s exit.
Causes of BREXIT :
UK has been one of a prominent member of the EU. It is the
second contributor after Germany(20%) to the EU’s GDP giving in every fiscal a
17% of contribution. France 14%. Italy 11%. UK has always been so open among
the other countries. Liberalization was at its peak, but however to majority Of
Britishers such liberalization seemed a harm to the nation. Issues ranging from
job to immigration to education made them worried. So, as a result they decided
to move out of the union.
The Article 50 Negotiating Period :
The process of leaving the EU formally began on
March 29, 2017, when May triggered Article
50 of the Lisbon Treaty. The U.K. has two years from that
date to negotiate a new relationship with the EU. Talks began on June 19,
2017. Questions have swirled around the process, in part because Britain's
constitution is unwritten and in part because no country has left the EU
using Article 50 before (Algeria left the EU's predecessor through its
independence from France in 1962, and Greenland – a self-governing Danish
territory – left through a special treaty in 1985).
On November 25, 2018, Britain and the EU agreed on a
585-page Withdrawal Agreement, a Brexit deal, touching upon issues like citizen's
rights, the divorce bill and the Irish border.
Parliament voted on this Withdrawal Agreement on
Tuesday, January 15, 2019. Members of Parliament voted 432-202 to reject the
agreement, the biggest defeat for a government in the House of Commons in recent
history.
Theresa May survived a no-confidence vote held on
January 16 and she unveiled her Plan B on January 21. The plan was criticized
for being very similar to the original deal she presented.
On January 29, MPs voted for May to return to
Brussels to remove the controversial Irish backstop portion of her plan and
replace it with alternative arrangements, but the EU had said the deal is not
open for re-negotiation. The backstop is a plan to avoid a hard Irish border if
the U.K. and EU don't sign a free trade deal during the transition period
post-Brexit.
May was seeking changes to the controversial Irish
backstop provision to win Parliament's backing. The backstop is intended to be
temporary, but Euroskeptic MPs worry it will last indefinitely and compromise
Britain's autonomy. She was also accused by the Labor Party of "recklessly
running down the clock" to force MPs to choose between her deal and a no
deal outcome.
MPs voted against her deal by 391-242 votes on March
12 despite May's claim of "legally binding" changes to the agreement,
setting Britain on the path to a no-deal Brexit. Parliament stepped in to delay
it and the EU gave its permission.
On March 27, none of the eight Brexit alternatives
voted on by Members of Parliament received a majority. May's deal was rejected
again on March 29 by a margin of 58 votes, despite her vow to resign before the
next stage of negotiations if it was passed.
The Labor Party faces its own crisis after almost a
dozen lawmakers decided to leave and form the Independent Group in the House of
Commons. They blamed Corbyn's failure to address anti-Semitism in the party and
his poor Brexit policy. Three MPs belonging to May's Conservative party have
also quit to join the Independent Group. They complained that the policies and
priorities of the Tories are being defined by the hardline Euroskeptics in the
party.
