European EI

1951, FR, GERM, It, Lux, Bel, & Neth signed the Treaty of Paris which established the Europ Coal & Steal Community (-2002) & their aim was 2 bring diplomatic & econ stability in Western Europe after the 2nd World War. 1958,same countries signed the Treaty of Rome that established the European Econ Community (EEC) & the European Atomic Energy Community (EUROTAM). This treaty was created with the aim 2 create a com mkt 4 the movement of goods, services, people, & capital 2 work 4 the econ growth; & it established a CU that was created 2 abolish quotas & customs duties between the countries & established a common external tariff on imports from outside the EEC. In 1973, UK, Ireland & Denmark entered the EEC. 1979, the European M1tary System was launched, & it was a system 2 stabilize exchange rates between European currencies.1981, Greece EEC. 1986, Pt & Sp EEC.1987, there was a review of all treaties, & it was created the single European Act that launched the single market. In 1992, it was signed the Treaty of Maastricht that created the European Union (EU) & the Econ & Mon Union (EMU). It also established the political union with a structure that differentiated econ matters & foreign policies & internal security matters. It created the Social Charter, EU Citizenship, strengthening of the Parliament & subsidiary. In 1995, Austria, Finland, & Sweden joined.1997, it was signed the treaty of Ams where a framework was laid down 4 the future accession of 10 new MS, mainly from formerly communist Eastern Europe & it was created the Qualified Majority Vote. 2001-2003, the Treaty of Nice was signed & it reformed the institutional structure of the EU 2 withstand eastward expansion, a task which was originally intended 2 have been d1 by the Ams Treaty, but failed 2 be addressed @ the time, & The QMV was extended. In 2004, Cyprus, Malta, Czech republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia & Slovenia joined the EU. In 2007, Romania & Bulgaria. 2007-2009, it was signed the Treaty of Lisb that introduced the legal personality of the EU, it was created the Fundamental Rights & there started 2 be a clear separation & definition of competences of the EU & MS. The Eu also hs the right 2 conclude inter agreements on behalf of the MS in all areas of competence & competence 2 represent all MS in various inter org.. 

The main institutions R the European Commission, European Parliament, & Council of European Union. The European Commission represents EU as a whole & it is composed by its President, 8 vice-presidents & 27 commissi1rs (elected by national governments). Their main roles R 2 propose legislation 2 the Council & Parliament; administer & implement EU policies & execute EU budget; provide surveillance & enforcement of EU laws; & represents EU @ some international negotiations.  The European Parliament represents EU citizens, & it is composed by the President & representatives of unions’ citizens (maximum 750; regressive proportional & minimum 6 per MS). Their main roles R passing European laws, democratic supervision of EU institutions & authority over the budget. The Council of European Union is EU’s main decision-making body & it represents the MS governments. It is composed by the council of ministers & a present that is rotating every 6 months between MS. Their main roles R passing European laws, approve EU budget (with parliament), conclude international agreements involving EU, coordinate the general economic policies of MS in the context of EMU, & develop common foreign & security policies. The Council takes decisions by: simple majority(14MS); qualifies majority (55%); unanimous.

Procedures: (1) Ordinary legislative procedure-CODECISION: EU’s standard decision-making procedure is known as OLP. This means that the directly elected European Parliament hs 2 approve EU legislation together with the Council (the governments of the 28 EU countries). (2) CONSULTATION As a legislative procedure-The European Parliament may approve or reject a legislative proposal, or propose amendments 2 it. This procedure is now applicable in a limited number od legislative areas, such as internal market exemptions & competition law. As a non-legislative procedure – parliament’s consultation is also required, as a nonlegislative procedure. (3) CONSENT: As a legislative procedure – The scope 4 the application of the procedure was extended by all subsequent modifications of the Treaties. It is 2 be used also when new legislation on combating discrimination is being adopted & it now gives the European Parliament a veto. As a non-legislative procedure – It usually applies 2 the ratification of certain agreements negotiated by the European Union.

Legislation: 1: EU treatis: rule of law; it sets out EU objectives, rules 4 institutions, how decisions R made & relationship between EU & MS. 2: regulations: must be applied; adopts by council. directives:  sets a goal that all MS must achieve & each country decides how; adopted by Comission; decisions: binding 2 whom it’s addressed (country/company) directly applicated. reccomendation: not binding; opinions: instruments that allows the institutions 2 make a statement in a non-binding fashion. 

TASKS ECB: Defining Eurosystem policies: This includes the definition of price stability, how inflationary risks are analyzed,etc; Deciding, coordinating and monitoring the monetary policy operations: the ECB instructs the NCBs on the details of the required operations and checks their successful execution; Regulatory body/Adopting legal acts; Authorizing the issuance of banknotes; Interventions on the foreign exchange markets; Int and European cooperation. TASKS NCBs: Execution of monetary policy operations: NBCs carry out the actual transactions, such as providing the commercial banks with central bank money; Operational management of the ECB’s foreign reserves; Management of their own foreign reserves; Operation and supervision of payment systems; Joint issuance of banknotes together with the ECB; Collection of statistics and providing assistance to the ECB; Functions outside the European System of Central Banks (ESCB). ECB; Eurosystem INDEP: Indep facilitates the pursuit of price stability. Functional indep: provides the CB with the necessary means and instruments to achieve the price stability objective, independently of any other authority; Institutional indep: prohibit the ECB, the NCBs and members of their decisionmaking bodies from seeking or taking instructions from Community institutions or bodies; Personal indep: security of tenure for members of the ECB’s decision-making bodies further safeguards CB indep; Financial indep: The ECB and the NCBs must be able to autonomously avail themselves of sufficient financial resources to fulfill their mandates. The ECB has its own capital, subscribed and paid up by the NCBs. It also has its own budget independent from that of the other European institutions. ECB;Eurosystem ACCOUNTABILITY: Accountability: the exclusive competence for the monetary policy of the euro area. Eurosystem is entrusted with monetary sovereignty. ECB and Eurosystem are held accountable to the citizens and their democratically elected representatives, in order to balance the substantial degree of independence that it has been granted. Reporting: publications and press conferences: reporting requirements for the ECB in the Treaty. Public speeches and testimonies: members of the Governing Council deliver numerous speeches and give interviews throughout the euro area in order to explain the ECB’s policies to the public. Financial controls: accounts of the ECB and NCBs are also subject, to the audit review by indep external auditors recommended by the Governing Council and approved by the EU Council.