The European Parliament
The European Parliament is the EU’s law-making body. It is directly elected by EU voters every 5 years. It has 3 roles:
1. Legislative: passing EU laws, together with the Council of the EU;
2. Supervisory: democratic scrutiny of all EU institutions;
3. Budgetary: establishing the EU budget, together with the Council.
European Court of Justice
Ensuring EU law is intrepreted and applied consistently across all member states, ensuring countries and EU institutions abide by EU law. The CJEU is devided into 2 courts:
1. Court of Justice: 1 judge from each EU country, plus 11 advocates general
2. General Court: 2 judges from each EU country.
The Schengen agreement
By signing the Schengen Agreement, Belgium, Germany, France, Luxembourg and the Netherlands agreed to gradually remove controls at their internal borders and to introduce freedom of movement for all nations of the signatory countries, other EU Member States and some non-EU countries. Currently the Schengen area is the world’s largest area of freedom, security and justice without internal frontiers.
Treaty of Rome
EU Regulation
Regulations are legal acts defined by the Treaty on the Functioning of the European Union (TFEU). They have general application, are binding in their entirety and are directly applicable in all European Union (EU) Member State
EU Directive
A “directive” is a legislative act that sets out a goal that EU countries must achieve. However, it is up to the individual countries to devise their own laws on how to reach these goals
EU Recommendation
Recommendations are one of two forms of non-binding EU acts cited in the article issued by the European Commission/ European Parliament/ Council and ECB, the other form being opinions. Although recommendations do not have legal consequences, they may offer guidance on the interpretation or content of EU law.
The Council of the EU
The Council of the European Union (‘Council’) is one of the EU’s main decision-making institutions. Its meetings are attended by ministers from the 27 EU Member States. It has policymaking and coordinating functions. Council is seated in Brussels.
The European Council
European Commission
The European Commission is the executive body of the European Union. Its main roles include: proposing new laws and policies, monitoring their implementation across MS, managing the EU budget. It’s a College of 27 Commissioners, led by the Commission President, currently: Ursula Von der Leyen
Subsidiarity
The principle of subsidiarity states that decisions should be taken at the lowest effective level.
Formally enshrined in the Maastricht Treaty (1992), it prevents the EU from interfering in matters better regulated at the national or local level. It is used especially in social and economic legislation to prevent over-regulation.
Treaty of Lisbon
The Treaty of Lisbon was signed by the 27 EU Member States by the winter of 2009. The Treaty of Lisbon, amending the Treaty on European Union and the Treaty establishing the European Community, gives the European Parliament further legislative powers, ensures greater democracy in EU decision-making.
Maastricht Treaty
It changed EEC into the newly named EU. It broadened the work of the supranational bodies based around 3 pillars:
1. European Communities (economical policies, the Single Market)
2. Common Foreign and Security Policy (CFSP)
3. Justice and Home Affairs (JHA)
–> Was later reformed into the Area of Freedom, security and Justice
The Treaty on European Union (/)
The TEU is the main treaty of the EU that explains its goals, how the big institutions work (Commission, Parliament, Council), and the rules for foreign and security policy.
The first version was made in 1992 with the Maastricht Treaty.
The current version has been in place since 2009, after the Lisbon Treaty.
Stability and Growth Pact
This was one of the enlargements of the maastricht treaty. It’s a set of rules designed to ensure that countries in the European Union pursue sound public finances and coordinate their fiscal policies.
Four freedoms
Refers to the movement of goods, services, capital and labour. The European Single Market/ Internal Market/ Common Market is a single market which seeks to guarantee the ‘four freedoms’ within the EU.
Single European Act
The Single European Act brought amendments to the Treaties establishing the European Communities and established European political cooperation.Once the Single European Act (SEA) entered into force, the title “European Parliament” (which the Assembly had used since 1962) was made official.
Single European Market
Comparative advantage in trade
Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners. Describes the advantages of trade in a free market. By specializing and trading, all countries can benefit and become better off.
Tariff
A list or system of duties imposed by a national government or supranational unions on imported or exported goods. Besides being a source of revenue, import duties can also be a form of regulation of foreign trade and policy that burden foreign products to encourage or safeguard domestic industry
Non-tariff barrier
trade barriers that restrict import or export of goods or services through measures other than the imposition of tariffs.
ECB
The ECB is the central bank of the European Union Member states. It makes monetary policy for the Eurozone and the European Union, administers the foreign exchange reserves of EU member states, engages in foreign exchange operations, and defines the intermediate monetary objectives and key interest rate of the EU
Optimal Currency Area
An optimal currency area (OCA) is the geographic area in which a single currency would create the greatest economic benefit
Next Generation EU
a groundbreaking temporary recovery instrument to support Europe’s economic recovery from the coronavirus pandemic and build a greener, more digital and more resilient future.