The European Union, commonly abbreviated as the EU, is a political and economic union comprised of 27 member states primarily located in Europe. It was established with the aim of promoting peace, stability, and prosperity among its member countries. The EU operates under a system of supranational governance, where decisions are made collectively by its institutions.
Single market: The EU has created a single market, also known as the internal market, which allows for the free movement of goods, services, capital, and people within its borders. This facilitates trade and economic integration among member states.
Economic and monetary union: The EU has established a common currency, the euro, which is used by 19 member states. These countries form the Eurozone and share a common monetary policy managed by the European Central Bank.
Institutions: The EU has several institutions that play different roles in its governance. These include the European Commission (executive branch), the European Council (composed of heads of state or government), the European Parliament (elected by EU citizens), the Council of the European Union (representing member state governments), and the Court of Justice of the European Union (ensuring compliance with EU law).
Policies: The EU is involved in various policy areas, including agriculture, regional development, environment, transport, energy, consumer protection, and more. It develops and implements regulations and directives that apply to all member states.
Common Foreign and Security Policy (CFSP): The EU aims to coordinate the foreign policy of its member states, promoting common positions and actions on international issues. The High Representative of the Union for Foreign Affairs and Security Policy leads the CFSP.
Enlargement: The EU has expanded over time, with new countries joining its membership. The process of accession involves candidate countries meeting certain criteria, such as adopting EU laws and demonstrating respect for democratic values and the rule of law.
Cohesion policy: The EU's cohesion policy aims to reduce economic and social disparities among its regions. It provides financial support for investment, infrastructure, and development projects in less-developed areas.
Fundamental rights: The EU is committed to protecting and promoting fundamental rights, including human rights, democracy, and the rule of law. The Charter of Fundamental Rights of the European Union sets out these rights.
It is important to note that the EU is a complex and evolving entity, subject to ongoing discussions and reforms. Its objectives and policies are shaped by the treaties that form its legal framework, such as the Treaty on European Union and the Treaty on the Functioning of the European Union.
You can learn more about this topic with our EU Law notes.
