European Union
BACKGROUND
The European Union (EU) was founded as the European Economic Community (EEC) by the Treaty of Rome in 1957 to promote economic and political integration in Europe. The beginning of the EEC followed the creation of the European Coal and Steel Community, created after World War II as a means of promoting integration among former enemies. The EEC has expanded from its original six members (Belgium, France, Germany, Italy, Luxembourg, and Netherlands) to include United Kingdom, Ireland, and Denmark in 1973; Greece in 1981; Spain and Portugal in 1986; and Austria, Finland, and Sweden in 1995.
All 15-member states hand over some control to the EU 's network of institutions. National governments are represented in the Council of the European Union, whilst citizens of the member states are elected to the European Parliament. In 1993, the Maastricht Treaty (which renamed the EEC as the European Union), created European citizenship. It strengthened the power of the European Parliament, laid out plans for the Economic and Monetary Union, as well as for committed members to negotiate for expansion of the EU to include Central and Eastern European countries. As part of the EMU, 12 EU member countries (Belgium, France, Germany, Greece, Italy, Spain, Portugal, Finland, Austria, Netherlands, Ireland and Luxembourg) adopted a new common European currency, called the "Euro". The Euro currency entered into general circulation in January 2002. The monetary policy is managed by the European Central Bank (ECB), which works in collaboration with the national central banks of the 12 Euro zone countries.
The treaty on European Union (often called the Maastricht Treaty) founded the EU and was intended to increase political, economic, and social integration among member states. It is worth noting that the treaty committed the EU to Economic and Monetary Union (EMU). Under the EMU, member nations would combine their economies and adopt a single currency by 1999.
The European Union (EU) was founded as the European Economic Community (EEC) by the Treaty of Rome in 1957 to promote economic and political integration in Europe. The beginning of the EEC followed the creation of the European Coal and Steel Community, created after World War II as a means of promoting integration among former enemies. The EEC has expanded from its original six members (Belgium, France, Germany, Italy, Luxembourg, and Netherlands) to include United Kingdom, Ireland, and Denmark in 1973; Greece in 1981; Spain and Portugal in 1986; and Austria, Finland, and Sweden in 1995.
All 15-member states hand over some control to the EU 's network of institutions. National governments are represented in the Council of the European Union, whilst citizens of the member states are elected to the European Parliament. In 1993, the Maastricht Treaty (which renamed the EEC as the European Union), created European citizenship. It strengthened the power of the European Parliament, laid out plans for the Economic and Monetary Union, as well as for committed members to negotiate for expansion of the EU to include Central and Eastern European countries. As part of the EMU, 12 EU member countries (Belgium, France, Germany, Greece, Italy, Spain, Portugal, Finland, Austria, Netherlands, Ireland and Luxembourg) adopted a new common European currency, called the "Euro". The Euro currency entered into general circulation in January 2002. The monetary policy is managed by the European Central Bank (ECB), which works in collaboration with the national central banks of the 12 Euro zone countries.
The treaty on European Union (often called the Maastricht Treaty) founded the EU and was intended to increase political, economic, and social integration among member states. It is worth noting that the treaty committed the EU to Economic and Monetary Union (EMU). Under the EMU, member nations would combine their economies and adopt a single currency by 1999.
References: 1. Bertaut Carol C. and Iyigun Murat F. (1999), "The Launch of the Euro", Available at: http://www.2ideas.repec.org/a/fip/fedgrb/y1999ioctp655-666 2. Cohen Elie (1999), "The Euro and its impact on the European economy: a view 3. Marvasti F. and Stauble V. (2001), "The Euro: Strategic Impact on Trade", Available at: http://www.iba-website.org/journal/journal2001/euro1.pdf 4. Miller Vaughne. (1998), "EMU: Views in other EU member states", Available at: http://www.stern.nyu.edu/~vquadrin/GlobInt/Notes6.pdf