ES Flashcards
(73 cards)
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 on 14 June 1985, 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
This Treaty, establishing the European Economic Community (EEC), created a common market among the six participating countries: Belgium, France, Germany, Italy, Luxembourg and the Netherlands. The aim was to foster closer links and boost economic growth through increased trade. Signed in: Rome (Italy) 25 March 1957. It created a common market based on the free movement of: goods, people, services, capital.
EU Regulation
Regulations are legal acts defined by Article 288 of 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
Since the Treaty of Lisbon, the European Council has been an EU institution. The President of the European Council is elected, by a qualified majority, for a term of two and a half years.
the Council of the European Union represents the governments of member states.
Ministers from each EU country meet to approve legislation, along with the European Parliament.
((Its composition varies by topic: finance ministers discuss economic issues, while agriculture ministers discuss agricultural policy.))
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 on 13 December 2007. 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
The Maastricht Treaty, signed in 1992, marked the official establishment of the European Union (EU). It introduced the Economic and Monetary Union (EMU), which eventually led to the introduction of the euro in 1999.
Additionally, it expanded cooperation in foreign policy, security, and justice.
The Treaty on European Union
The TEU forms the basis of EU law, by setting out general principles of the EU’s purpose, the governance of its central institutions (such as the Commission, Parliament, and Council), as well as the rules on external, foreign and security policy. While the current version of the TEU entered into force in 2009, following the Treaty of Lisbon (2007), the older form of the same document was implemented by the Maastricht Treaty (1992).
Stability and Growth Pact
set of rules designed to ensure that countries in the European Union pursue sound public finances and coordinate their fiscal policies. Following discussions on the SGP’s operation, the regulations were amended in 2005
Four freedoms
goals articulated by U.S. President Franklin D. Roosevelt in 1941. In an address known as the Four Freedoms speech he proposed four fundamental freedoms that people “everywhere in the world” ought to enjoy: Freedom of speech and expression, Freedom of worship, Freedom from want, Freedom from fear
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
The Single European Market was officially completed on Jan. 1, 1993, based on the principles set forth in the Treaty of Rome and the Single European Act.
This meant that there was free movement of goods, capital, services and labour within the European Union without trade barriers. It stimulated economic growth and made the EU more attractive to international trading partners.
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.
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 imports or exports 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. With a centrepiece being the Recovery and Resilience Facility (RRF) - an instrument that offers grants and loans to support reforms and investments in the EU Member State