Monday, 18 August 2014

European Union

The European Union is an economic and political union of 28 member countries that are primarily located in Europe. The EU operates through a system of super-national independent institutions and intergovernmental negotiated decisions by the member countries. Institutions of EU include the European commission, the council of the European Union, the European Council, the court of the Justice of the European Union, the European Central Bank, the Court of Auditors and the European Parliament.

The EU traces its origins from the European Coal and Steel community (ECSC) and the European Economic Community (EEC), formed by Inner six countries.The Maastricht Treaty established the European Union under its current name in 1993. The last major amendment to the constitutional basis of the EU, the treaty of Lisbon, came into force in 2009.

The Eu has developed a single market through a standardized system of laws that apply in all member countries. Within the Schengen Area, passport controls have been abolished. EU policies aim to ensure the free movement of people, goods, services and capital, enact legislation in justice and homes affairs and maintain common policies on trade, agriculture, fisheries and regional development.

The six countries signed the Treaty of Rome, which extended the earlier co-operation within the European Coal and Steel Community (ECSC) and created the European Economic Community (EEC), the establishing a customs union. They also signed another treaty on the same day creating the European Atomic Energy Community (Euratom) for co-operation in developing nuclear energy.

The monetary union was established in 1999 and came into full force in 2002. Its currently composed of 18 member countries that use the euro as their tender. The unions maintains permanent diplomatic missions throughout the world and represents itself at the Unite Nations, the WTO, the G8 and the G 20.

The European Union has five key points in its energy policy, increase competition in the internal market, encourage investment and boost interconnections between electricity grids; diversify energy resources with better systems to respond to a crisis; establish a new treaty framework for energy co-operation with Russia while improving relations with energy-rich states in Central Asia and North Africa use existing energy supplies more efficiently while increasing renewable energy commercialization and finally increase for new energy technologies.

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