The EU – what it is and what it does

The European Union (EU) was formed through a series of legally binding agreements. Over time, EU member states have adopted common policies and harmonized regulations on a growing range of economic, social, and political topics. A customs union, a single market in which money, products, services, and people can freely flow, a common trade policy, and a common agricultural policy are all shared by EU countries. Nineteen EU member states have a common currency (the euro), and 22 are part of the Schengen area of unrestricted movement, which has eliminated internal border barriers.

What is the European Union (EU)?

The European Union is a trade and monetary union made up of 27 countries. It removes all border controls between the majority of EU nations. There is no restriction on the flow of products which enables the open border for the people to trade. Police checks based on information and experience are possible, but not as strict or similar as border inspections.

It provides the facility of any product that is created in one EU country can be sold without any taxes or duties to other EU members. The professions, such as law, medicine, tourism, banking, and insurance, have permits to operate in all member countries. Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Slovenia, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Ireland, Portugal, Romania, Slovakia, Spain, and Sweden are among the 27 countries that make up the European Union.

Operation: 

EU member states formulate policies and promote their common interests through common institutions. 

• Depending on the matter at hand, decision-making processes and the role of EU institutions change. 
• Member states have pooled their sovereignty to varying degrees on a variety of economic, social, and internal security topics, and EU institutions have decision-making authority. 
• Because it is subject to a complex majority vote mechanism among member states, as well as European Parliament approval, and is legally binding on member governments, EU law in these areas frequently has a supranational dimension.
• In other areas, like foreign and security policy, member states have agreed to collaborate while maintaining complete sovereignty. In such sectors, decision-making is intergovernmental and requires the unanimous consent of all EU member states; any national government can veto a proposed decision. 
• In this case, EU institutions have a more limited role in the decision-making process. However, they may be active in policy implementation and oversight.

Governance of EU: 

The EU is governed by three bodies. National governments are represented by the EU Council. The people choose the members of Parliament. The European Commission is made up of EU employees. They ensure that everyone follows the same regional, agricultural, and social policies. Direct contributions from the Member States, often known as GNI-based contributions, are the most important source of revenue for the EU budget.

Here’s how the EU’s laws are enforced by the three bodies. 

• A set of treaties and supporting rules clearly out these requirements:
• The new law is proposed by the European Commission. Commissioners are elected for a five-year term. All laws recommended by the Commission are first read by the European Parliament. 
• Every five years, its members are elected. All laws are read a second time by the European Council. 
• It has the option of accepting the Parliament’s view and thereby passing the law. The Union’s 27 heads of state, plus a president, make up the council.

Objectives of EU: 

The following are the goals of founding the European Union.

• • Increasing political collaboration
  • To improve economic integration by establishing the EURO as a single currency.
  • Security and foreign policy coordination
  • Rights of Common Citizenship

• Collaboration in the areas of justice, immigration, and asylum.

Headquarters of EU:

The European Union’s headquarters are in Brussels, Belgium. Despite accounting for only 6.9% of the worldwide population, the EU’s trade with the rest of the world accounts for almost 20% of global exports and imports. In 2014, its economy was worth roughly €14,600 billion in terms of goods and services produced.

Brexit:

Following earlier rejections of calls for a popular referendum on the United Kingdom’s membership in the European Union, Conservative Prime Minister David Cameron promised the referendum in 2013 and scheduled it for 2016 amid the growing popularity of the U.K. Independence Party, which opposes EU membership. On June 23, 2016, the Leave option won approximately 52 percent of the vote after trailing in late surveys. Cameron announced his resignation the next day. January 31, 2020, marks the official exit of the United Kingdom from the European Union.

A report by the UK Parliament’s Intelligence and Security Committee in July 2020 acknowledged numerous media claims of Russian activities on behalf of the Leave option and chastised the government for neglecting to investigate.

Conclusion: 

The contemporary European Union, which was established in 1992, arose from post–World War II efforts to unite European economies and prevent future conflicts. It is made up of seven key institutions and dozens of lesser entities that make laws, coordinate foreign relations and trade, and oversee a shared budget.

Brexit, the ongoing refugee crisis, and disagreements over greater integration have all posed challenges to the EU’s cohesiveness in recent years.