European Union Parliament

What is European Union Parliament?

  • Economic and Political Union: The EU is an association of 27 nations in Europe. Its members will work more closely together politically to develop a shared market.
  • Democratic Principles: The EU upholds democratic values such as equality, the rule of law, and freedom of speech. These values must be upheld and put into practice by member nations.
  • Euro as the Official Currency: The Eurozone is made up of 19 EU member states that have made the euro their official currency. These nations gain from improved economic integration and simpler commerce inside the Eurozone and share a common monetary policy.
  • Institutions: The EU is run by several different institutions. The formulation and execution of EU policy fall under the purview of the European Commission. The heads of state or government of the EU’s member states make up the European Council, which determines the bloc’s general political course. The European Parliament, which represents the interests of EU citizens, is directly elected by them. The European Central Bank oversees the euro and monetary policy, while the Court of Justice of the European Union ensures that EU legislation is consistently interpreted and applied.
  • Various policy areas, including trade, agriculture, the environment, consumer protection, immigration, security, and international affairs, fall under the purview of the EU. To standardize standards and promote collaboration among member states, it develops common policies and regulations.

How many countries are members of this organization and where is it headquartered?

  • The European Union, sometimes known as the EU, is a global alliance of 27 nations with distinctive economic, social, and security frameworks. 19 of the 27 nations use the euro as their primary reserve currency. The nations that don’t utilize the euro are Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom.
  • The headquarters of this organization is in Brussels.
  • Countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

What are the goals of the EU?

  • Promote harmony, morals, and the well-being of all EU citizens.
  • offer internal borders-freedom, security, and justice
  • Environmental protection, a competitive market economy with full employment and social advancement, and sustainable development based on balanced economic growth and price stability
  • Fight against prejudice and socioeconomic marginalization
  • Encourage advancement in science and technology
  • increase EU nation-to-nation solidarity and economic, social, and territorial cohesion
  • Respect its linguistic and cultural uniqueness
  • Create an economic and monetary union with the euro as its currency.

What is the historical background behind the EU?

  • 1951: The Paris Treaty creates the European Coal and Steel Community (ECSC). To foster economic cooperation and avert future wars, it seeks to combine the steel and coal industries of its member nations.
  • 1957: The European Economic Community (EEC) and the European Atomic Energy Community (Euratom) are established as a result of the signing of the Treaties of Rome. The Council of Ministers and the Court of Justice are two entities that belong to both these organizations and the ECSC.
  • The early 1960s: The idea of creating a directly elected parliamentary body to represent the people of the member states is discussed.
  • 1958: National lawmakers from the member nations form the common assembly. It does not have direct elections but does have an advisory role.
  • 1979: The first European Parliament elections were held directly. The Parliament gains the ability to enact legislation and have a say in how decisions are made within the European Communities.
  • The European Communities become the European Union (EU) in 1992, and the Maastricht Treaty gives the European Parliament more authority. In some sectors, it may co-legislate with the Council of Ministers.
  • 1999: The Treaty of Amsterdam expands the European Parliament’s authority and gives it a greater voice in the legislative process.
  • The Treaty of Nice, which modifies the structure and operations of the European Parliament to accommodate the admission of new member states, is signed in 2001.
  • 2007: The European Union’s institutional structure undergoes significant modifications as a result of the ratification of the Treaty of Lisbon. The European Parliament is given more authority and is given full-fledged legislative authority.
  • Currently, the European Parliament serves as the directly elected body that represents the EU’s citizens. Every five years, MEPs are chosen to serve in the European Parliament. The EU budget is approved by the Parliament, which also has the authority to pass laws, review the activities of the European Commission, and play a crucial role in shaping EU policies

What do we know about the Decision-Making Bodies of the EU Parliament?

European Parliament :

  • The 705-member European Parliament is chosen by voters in the EU’s member states.
  • Along with the European Union Council and the European Commission, one of the three legislative bodies.
  • Its primary duties include approving legislation, the EU budget, and democratic monitoring.

European Council:

  • The European Council was initially created in 1975 as a loosely-organized gathering for EU leaders.
  • a formal institution that was established in 2009 after the Lisbon Treaty went into effect.
  • consists of the presidents of the European Commission and the European Council, as well as the heads of state or government of EU members.
  • sets the EU’s general aims and direction, offers political direction, and resolves significant issues.

European Commission:

  • The European Union’s executive body is the European Commission.
  • consisting of one Commissioner from each member nation, chosen by their governments.
  • accountable for drafting new legislation, carrying out judgments, running EU programs, and representing the EU abroad.
  • helps the EU run more efficiently every day and makes sure the Union’s interests are upheld.

Council of the European:

  • Government ministers from each member state make up the Council of the European Union, with the composition changing depending on the issue at hand.
  • also referred to as the Ministerial Council.
  • along with the European Parliament has legislative and financial authority.
  • accountable for approving EU legislation, directing government operations, and negotiating international deals.

What are the Functions of the European Union Parliament?

Facilitating Free Trade:

  • EU policies and regulations are designed to remove tariffs and other restrictions on the free movement of products among its member countries.
  • Free trade agreements among EU countries foster trade cooperation and economic integration.
  • The EU is the biggest trading bloc in the world, supplying over 100 nations with a sizable portion of its imports while also exporting goods and services.

Liberalizing International Trade:

  •  The EU is dedicated to liberalizing international trade outside of its borders.
  • In addition to negotiating trade agreements with other nations and areas, it actively advocates multilateral trade regulations.
  • Through open markets and ethical trade practices, the EU seeks to promote collaboration and economic prosperity on a worldwide scale.

Humanitarian Aid: 

  • In reaction to natural and man-made calamities around the world, the European Union offers humanitarian aid.
  • Financial help, immediate relief, and ongoing support for the impacted areas are all included in this aid.
  • The EU wants to lessen suffering, encourage stability, and aid in the long-term development of impacted regions.

What relation do European Union and India have?

India-EU Economic Relations: A New Chapter Unfolds - India Business and Trade

  • Partnership for Peace and Development: The EU and India collaborate closely to advance sustainable development, foster employment, and advance global peace.
  • By encouraging collaboration across many domains, both parties seek to put the 2030 Agenda for Sustainable Development into action.
  • Trade and Investment: With bilateral trade of 95 billion USD (85 billion euros) in 2017, the EU is India’s largest trading partner.
  • With foreign investment inflows rising over the past ten years, the EU has made considerable investments in India, becoming the biggest foreign investor in the nation.
  • A free trade deal has been under discussion between the EU and India since 2007.
  • To improve economic cooperation between the two parties, the aim is to develop a comprehensive trade and investment agreement.