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Political Economy of the European Union - Essay Example

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TheEuropean Union(EU) is a political and economic union of 27member states, situated principally inEurope. It was founded as a result of the Treaty of Maastrichtin 1993 based on the fundamentals of the pre-existingEuropean Economic Community. With approximately a population of 500million citizens, the EU collectively generates an approximated 30% share of the global nominalgross domestic productwith US$16.8 trillion in 2007…
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Political Economy of the European Union
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Download file to see previous pages It has build up a role inforeign policy, and represents its members in theWorld Trade Organization, atG8summits and at theUnited Nations. Twenty-one EU nations are part ofNATO. It has also taken up a responsibility in justice and home affairs, which includes the elimination of passport control between many member nations under theSchengen Agreement. (Alan, 2007)
The EU functions through a hybrid mechanism ofintergovernmentalismandsupranationalism. In particular areas it relies on agreement among the member states. However, it also possesses supranational bodies, thus is competent to make judgments without agreement between each and every national governments. Among the prominent institutions and bodies of the EU are theEuropean Commission, theEuropean Parliament, theCouncil of the European Union, theEuropean Council, theEuropean Court of Justice,and theEuropean Central Bank. In every five years, the Parliament is elected by the EU citizens. Origins of the EU go back to the formation of theEuropean Coal and Steel Community,formed among six countries in 1951 and theTreaty of Romein 1957. Thereafter the EU has expanded in size via accession of new associate states, and in authority by adding new policy areas to its remit. (Richard, 2006)
Subsequent to theSecond World War, efforts made towards European integration were viewed as a get away approach from the intense forms of nationalism, which had ravaged the continent.Theformation of the European Coal and Steel Community was among one such attempt to bring together Europeans. While having the unassuming aim of federal control of the formerly national coal and steel industries of its member nations, it was stated to be "a first step in the federation of Europe".The founding members of the Community wereBelgium,France,Italy,Luxembourg, theNetherlandsandWest Germany. Thereafter the history of Europe saw the establishment of European Economic Community(EEC) ascertaining acustoms unionand theEuropean Atomic Energy Community(Euratom) for cooperation in developingnuclear energy. In 1967, the Merger Treaty provided for the amalgamation of these communities collectively referred to as European Communities, which popularly were termed as European Community. (Ben, 2000)
In 1973 incorporation of Denmark,Irelandand theUnited Kingdom enlarged the communities. In 1979, thefirst autonomous electionsto the European Parliament were held. The 80s saw the incorporation of Greece,SpainandPortugal. In 1990, the previousEast Germanyembodied the Community under newly united Germany. The European Union was officially instituted when theMaastricht Treatywas enacted upon on 1 November 1993. Presently, the European Union comprises 27independentsovereignnationsknown as member states: Austria,Belgium,Bulgaria,Cyprus, theCzech Republic,Denmark,Estonia,Finland,France,Germany,Greece, Hungary,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta, theNetherlands,Poland,Portugal,Romania, Slovakia,Slovenia,Spain,Sweden, and theUnited Kingdom. (Alan, 2007)
The EU is habitually portrayed as being separated into three divisions of responsibility, calledpillars. The original European Community principles form the first pillar, while the second beingCommon ...Download file to see next pagesRead More
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