Malcolm Rivera
The European Union is a group of 27 countries in Europe that work together to improve the lives of their citizens. The EU was formed after two major wars in Europe, with the aim of preventing future conflicts and promoting peace and cooperation among its members. Over time, more countries joined, and today, it constitutes a diverse range of nations with different political systems, levels of economic development, and cultural identities. The EU has introduced a common currency, the euro, and created a single market with free movement of goods, services, money, and people. It also seeks to protect workers' rights, prevent social and environmental issues, and address global challenges such as climate change. The EU has no formal connection to any religion but respects the cultural and religious heritage of its member states. The admission of new states is limited to liberal democracies, and the EU provides support for candidate members to meet its standards. The EU's influence extends beyond its immediate borders, impacting neighbouring regions and influencing global affairs.
| Characteristics | Values |
|---|---|
| Number of countries | 27 |
| Formation reason | To prevent wars and promote peace and cooperation |
| Formation year | 1952 (as the European Coal and Steel Community) |
| GDP | US$16.64 trillion in 2022 |
| Currency | Euro (adopted by 20 countries) |
| Freedom of movement | Yes, within the Schengen Area |
| Customs union members | Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden |
| Political systems | Liberal democracies (16 parliamentary republics, 6 constitutional monarchies) |
| Self-governance | Varies, with some countries being unitary states, full federations, federacies, or having systems of devolution |
| Climate targets | 55% GHG emissions reduction by 2030 and carbon neutrality by 2050 |
| Worker's rights | Protected by laws such as the Working Time Directive and the Minimum Wage Directive |
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What You'll Learn
The EU's financial control system and economic stability
The European Union (EU) is a union of 27 member states that respect the equality of member states and their national identities. The EU has a financial control system and economic stability framework in place to maintain financial stability and protect consumers.
The European System of Financial Supervision (ESFS) is a key component of the EU's financial control system. Introduced in 2010, the ESFS became operational in 2011 and consists of the European Systemic Risk Board (ESRB) and the three European Supervisory Authorities (ESAs): the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pensions Authority (EIOPA). The ESFS aims to ensure consistent and coherent financial supervision in the EU by combining micro- and macro-prudential supervision. Micro-prudential supervision focuses on individual financial institutions, while macro-prudential supervision addresses the exposure of the financial system as a whole to common risks. The European Central Bank, as part of the Single Supervisory Mechanism (SSM), supervises the largest banks.
The EU has also implemented regulations and directives to strengthen the supervision of the financial sector and protect consumers. For example, the Omnibus Directive 2010/78/EU amended existing financial services legislation to enable effective work by the new authorities. In 2011, the EU adopted the Omnibus II directive to clarify the powers of the new authorities, particularly in the insurance sector. The EU also launched a consultation in 2021 to strengthen the Union framework for prudential and anti-money laundering supervision.
To maintain economic stability, the EU has established the Stability and Growth Pact (SGP), which is an agreement among all 27 member states. The SGP consists of fiscal monitoring of member states and the issuance of yearly Country-Specific Recommendations to ensure compliance with the pact. The pact aims to ensure that countries pursue sound public finances and coordinate their fiscal policies. If a member state breaches the SGP's maximum limit for government deficit and debt, an Excessive Deficit Procedure (EDP) may be implemented, and if corrective actions are not taken, economic sanctions may be imposed. The EDP will be reassessed in 2024, with a focus on evaluating 3% deficit breaches.
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The European Union's role in world affairs
The European Union (EU) is an economic and political union of 27 countries located primarily in Europe. The EU has been described by some scholars as an emerging superpower due to its global influence and its role in world affairs. The EU's role in world affairs is shaped by its commitment to promoting peace, security, and prosperity, as well as its efforts to protect the interests of its citizens. The union has developed external relations and defence capabilities through the Common Foreign and Security Policy, maintaining permanent diplomatic missions worldwide and representing itself in organisations such as the United Nations, the World Trade Organization, the G7, and the G20.
The EU's economic influence is substantial, with a gross domestic product (GDP) of around US$16.64 trillion in 2022, contributing to about 16.6% of the world's GDP. The union has a common accounting currency, the euro, which is used by 20 member states. The EU also has a framework for financial supervision, the European System of Financial Supervision, which aims to ensure the economic stability of the union.
In terms of social and environmental policies, the EU has adopted laws to protect workers' rights and prevent social and environmental dumping. The Working Time Directive, the Environmental Impact Assessment Directive, and the European Directive about Minimum Wage are examples of such legislation. The EU also has initiatives to support the development of its regions, particularly the underdeveloped ones, through the European Structural and Investment Funds.
The EU plays a significant role in global sustainability efforts. The European Union Global Strategy has gained international recognition for its commitment to sustainable development. The EU has been actively involved in major UN summits on sustainable development and passed the European Climate Law in 2021, targeting a 55% reduction in GHG emissions by 2030 and carbon neutrality by 2050.
The EU also has a role in promoting democracy and human rights worldwide. Through Article 7 of the Treaty on European Union, the union provides an external constraint that prevents electoral autocracies from progressing into closed autocracies. The EU works to prevent and resolve conflicts, foster resilient democracies, and promote human rights as part of its foreign policy objectives.
Overall, the European Union's role in world affairs is characterised by its economic influence, commitment to social and environmental standards, promotion of sustainable development, and efforts to foster peace, security, and democracy worldwide. The EU's influence and involvement in these areas have established its position as a significant global player.
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The admission of new states to the Union
The admission of new states to the European Union (EU) is a process known as enlargement, which has occurred several times throughout the EU's history. The EU's predecessor, the European Economic Community (EEC), was founded with six member states in 1958. Since then, the EU has expanded through the accession of new member states, with the most recent enlargement being the admission of Croatia in 2013.
To join the EU, a state must fulfil certain economic and political conditions known as the Copenhagen criteria. These criteria require a stable democratic government, respect for the rule of law, and corresponding freedoms and institutions. Additionally, the candidate state must adopt the existing body of EU law, known as the acquis communautaire. All current member states and the European Parliament must agree to any enlargement, and the process is sometimes referred to as European integration.
The EU has established standards for new entrants to assess their suitability. For example, in 2023, the European Council granted candidate status to Georgia, agreed to open accession negotiations with Ukraine and Moldova, and announced that Bosnia and Herzegovina would need to complete additional reforms. However, in 2024, Georgia's accession was halted due to concerns over a new "foreign influence" law that may curb democratic freedom.
The process of enlargement can be complex, and there are no clear agreements or precedents for all scenarios. For instance, there have been active separatist movements within member states, such as in Catalonia and Flanders, which have sought independence but wish to remain in the EU. In such cases, it is unclear whether the new state would need to reapply as a new country or if internal enlargement is legally viable.
Overall, the admission of new states to the EU involves a careful assessment of the candidate's political and economic conditions, as well as the unanimous approval of all current member states and the European Parliament. The process is designed to ensure that new members respect the founding principles and values of the EU while contributing to its growth and development.
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The EU's impact on domestic politics
The European Union has had a significant impact on the domestic politics of its member states. The EU's influence can be seen in various areas, from economic policies to social and environmental issues. One of the critical aspects of the EU's impact on domestic politics is its role in economic policy-making. The introduction of a common currency, the euro, in 1999, and its subsequent adoption by 20 countries, has been a significant step towards economic integration. Additionally, the EU has established the European System of Financial Supervision, comprising three authorities that aim to ensure economic stability within the EU.
The EU also influences domestic politics through its social and employment policies. It has adopted laws such as the Working Time Directive and the Minimum Wage Directive to protect workers' rights and improve employment standards. The EU has also addressed environmental concerns, with initiatives like the European Climate Law, which targets a 55% reduction in GHG emissions by 2030 and carbon neutrality by 2050. These policies have had a direct impact on the domestic agendas of member states, requiring them to align their national policies with EU regulations.
Another way the EU influences domestic politics is through its impact on political parties and elections. The EU's intervention during the financial crisis altered the saliency, position, and clarity of parties' EU policies. It has also contributed to increasing Euroscepticism, particularly among far-left parties. The dynamic between pro-European and Eurosceptic parties has become more complex, with parties engaging in strategic positioning to differentiate themselves and appeal to voters.
Lastly, the EU has had an impact on the domestic politics of its member states in terms of regional identities and autonomy. The EU recognises the importance of protecting linguistic heritage and cultural diversity, as outlined in the European Charter for Regional or Minority Languages. Additionally, the EU's structure allows for varying levels of self-governance within member states, with some countries, such as Austria and Belgium, having full federations where regions hold constitutional autonomy.
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The EU's support for underdeveloped regions
The European Union (EU) has a number of policies and funds in place to support underdeveloped regions. The EU's Cohesion Policy, for example, helps to ensure there are no gaps between countries and between different areas and regions within the same country. The European Investment Bank (EIB) has been supporting and financing cohesion throughout Europe since 1958, targeting projects in less-developed regions with a gross domestic product (GDP) per capita below the EU average. In 2024, over €38.2 billion (48% of the EIB Group's total financing in the EU) went to cohesion regions.
The EU categorises regions as 'less developed', 'transition', or 'more developed', based on their GDP per inhabitant. Less developed regions have a GDP per inhabitant that is less than 75% of the EU average, while transition regions have a GDP per inhabitant that falls between 75% and 100% of the EU average. The EU's Cohesion Policy supports key EU goals, such as the green and digital transition, and aims to improve living standards and overall prosperity across the bloc.
The European Regional Development Fund (ERDF) is another tool used by the EU to support underdeveloped regions. The ERDF provides funding for projects that aim to make Europe and its regions more competitive and smarter, through innovation and support for small and medium-sized businesses, as well as digitisation and digital connectivity. The ERDF also supports social initiatives, such as employment, education, skills, social inclusion, and equal access to healthcare. Additionally, the ERDF contributes to sustainable urban development and locally-led development across the EU.
Interreg is another instrument used by the EU to support cooperation across regions and countries. Interreg provides funding for projects between member states, their outermost regions, EU acceding countries, and neighbourhood countries. Interreg supports cross-border mobility, environmental protection, emergency services, skilled jobs, and access to public services. Interreg also contributes to cross-border and transnational cooperation, including macro-regional strategies and sea basins.
The EU also has five European Structural and Investment Funds that support the development of EU regions, with a focus on the underdeveloped regions located mostly in central and southern Europe. These funds aim to address economic, environmental, and social problems in urban areas, with a special focus on sustainable urban development. Additionally, the EU has established laws to protect workers' rights and prevent social and environmental dumping, including the Working Time Directive and the Environmental Impact Assessment Directive.
In recent years, there has been a shift in the allocation of regional development funds. In response to the threat of a Russian invasion, the EU has reprioritised its regional development funds to boost its defence sector. This has resulted in a shift from funding small companies in economically underperforming regions to providing support to larger companies in the defence sector.
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Frequently asked questions
The European Union (EU) is a group of 27 countries in Europe that work together to improve the lives of their citizens. The EU was formed to prevent wars between European countries and promote peace.
To become a part of the European Union, a country must agree with and work to uphold the laws and values of the EU. This process can take a long time.
The EU provides economic stability and ensures the free movement of people, services, and goods between member states. It also works to protect workers' rights, prevent social and environmental dumping, and mitigate climate change.
Yes, a country can leave the EU by following the procedure outlined in TEU Article 50, which includes negotiated withdrawal. The United Kingdom, for example, left the EU in January 2020.
The EU countries are connected through various means, including shared values, economic ties, and cultural exchanges. They work together to uphold shared laws and maintain peace. Additionally, the EU has created the Schengen Area, which allows for the free movement of people between member states without border controls.
