What Is European Union?
The European Union we are familiar with in the 21st century is much more complex and has a more significant effect on the world’s economy than the original agreement between a few states half a century ago. That cooperative agreement was focused primarily on the production and use of coal, steel and other major resources. While populations and regional governments often cooperated for various reasons during the continents long history, the current organization of more than two dozen nations is a union of economic interests. But it is not a political federation in the strictest sense.
However, there is a feeling among observers of the European economic and political scene that this organization is unique in one way. A huge number of countries have given up some of their sovereignty to make this union work. This fact also separates the European Union from trade agreements such as those in place in Asia, North America or South America. One of the key elements that sets the union apart is the single-currency. Add to this the combined efforts in foreign policy and this is truly an organization with a special place in history.
Before the European Union was formed in 1993, similar activities took place under the umbrella of the European Economic Community. But the effects of that cooperative agreement were not in the same league as the current union with its huge share of world production (almost one-third).
A complex set of guidelines and laws had to be developed to make this idea work. The primary goal was the smooth and unrestricted flow of products, services, money and people across national borders. The resulting activity is similar to that across state lines within a single country, which many consider a remarkable achievement considering the major differences between European countries.
There are some shortcomings, however. Of the 27 members, only 16 have signed onto the Euro, the union’s common currency. Balancing this is the removal of passport restrictions between the members. Each member retains many of its policing duties, election of government officials and so on, but some important decisions are made on behalf of the entire union without complete agreement of all the members. The European Union also has its own central bank, a financial system that has duties similar to those of the Federal Reserve in the United States and other central banks.
There is also a European Parliament whose members are elected on a five-year rotation by citizens in the EU countries. While the effective life of the union dates back to 1993, members of this particular parliament have been elected since the late 1970s. There are nearly 800 members in the European Parliament.
The European Court of Justice is now under the EU umbrella. But this court dates back to 1952 and is based in Luxembourg. The Parliament, however, meets in Strasbourg, France and Brussels, Belgium.
Among the members are Spain, France, Germany, United Kingdom, Ireland, Poland, Italy, Austria, Finland, Sweden, Denmark, Poland and many others. Current maps show that Norway is not an EU member.
