International Organisation Kerala PSC Notes: European Union

International Organisation Kerala PSC Notes European Union

International Organisation Kerala PSC Notes: European Union

European Union (EU) is an international organization comprised of  27 European countries that govern common economic, social, and security policies. It was formed in 1993 with its headquarters in Brussels, Belgium. 

EU came into force after by Maastricht Treaty. Maastricht Treaty also known as the Treaty of the European Union was signed by 28 countries. This Treaty was amended thrice. They are the Treaty of Amsterdam (1997), Treaty of Nice (2001) and Treaty of Lisbon (2007). The 6 original members of European communities were France, Italy, Netherlands, Belgium, West Germany and Luxembourg

Euro is its Official Currency, but only 19 of these countries use EURO as their official currency. Members that do not use the euro are  Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom.

The EU has developed an internal single market through a standardised system of laws that apply in all member states in matters, where members have agreed to act as one. European Union won the Nobel Prize for Peace in 2012. The EU’s combined Militarily armed forces are the second largest in the world and its total spending on defence is second after the US.

The 7 important decision making bodies of the European Union are: 

  1. European Parliament
  2. European Council
  3. European Commission
  4. Council of the European Union
  5. Court of Justice of the European Union
  6. European Central Bank
  7. European Court of Auditors.

European Union – Brexit

The United Kingdom (U.K) formally left the European Union On January 31, 2020. U.K is the first country to leave the E.U. The exit was in accordance with Article 50 of the Treaty of the European Union.

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