EUROPEAN UNION

Submitted by
AJITH K V
Roll no: 01
1
MBA (ITLM)
Content
 What is European union?
 EU Symbols.
 Formation.
 Objectives.
 Organizations.
 Single European market (SEM).
 EU position in world trade.
 Facts and figures on EUs position in global market.
 Brexit.
 References.

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 What is European Union
 The European union is a unique economic and political partnership
between 28 European countries.
 It has delivered half a century of peace, stability, and prosperity, helped

raise living standards, launched a single European currency and it is

progressively building a single Europe-wide market in which people,
goods, services, and capital moving among Member States as freely as
within one country.

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 EU Symbols
 The European flag: It features a circle of 12 stars on a blue background.
Flag stand for the ideals of unity, solidarity and harmony among the people
of Europe.
 The European anthem: The melody used to symbolize the EU comes

from the Ninth Symphony composed in 1823 by Ludwig Van

Beethoven.
 Europe Day: The ideas behind the European Union were first put forward

on 9th May by French foreign minister Robert Schuman. This is why 9

may is celebrated as a key date for the EU.
 The EU motto: “United in diversity”, the motto of the EU, first came into

use in 2000.
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 Formation
 The 1952 creation of the European Coal and Steel Community (ECSC)
for the purpose of creating a common market.
 The foundation of the European Union was laid in 1957 by the Treaty of
Rome.
 The six nation (Belgium, France, Italy, Luxembourg, the Netherlands,
and West Germany) that created the ECSC were the original founders of
what was initially called the European Economic Community (EEC) and
later the European Community (EC).
 By 1991 six other nations had joined the EC (United Kingdom, Denmark,
Greece, Ireland, Portugal, and Spain)—and in 1995 with the admission of
Austria, Finland, and Sweden, the EC was renamed the European Union.
 Today the EU is a major economic group, and a growing number of
countries have applied for admission. 5
 Objectives
 Elimination of customs duties among member states.
 Elimination of obstacles to the free flow of import and/or export of

goods and services among member states.

 Establishment of common customs duties and unified
industrial/commercial policies regarding countries outside the
community.
 Free movement of people and capital within the bloc(community).
 Acceptance of common agricultural policies, transport policies,

technical standards, health and safety regulations, and educational

degrees.
 Common measures for consumer protection.

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 Common laws to maintain competition throughout the community and
to fight monopolies or illegal cartels.
 Regional funds to encourage the economic development of certain

countries/regions.
 Greater monetary and fiscal coordination among member states.

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 Organizations
Six major institutions manage the EU
1. The European Council (heads of governments)
2. The Council of the European Union(ministers from each member
country)
3. The European Commission (executive body)
4. The European Parliament (elected by the people)
5. The Court of Justice(compliance with law)
6. The Court of Auditors(budget management)

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European Council
 It Composed of the heads of state of each EU member country as well as the

president of the European Commission.

 Meetings of the Council take place at least twice a year and their purpose is to

resolve major policy issues and to set policy direction.

 Each head of state is typically accompanied to these meetings by a foreign minister.

European commission
 25 members who are chosen by agreement of the member government.(out of 28

countries)
 It is responsible for drafting legislation for proposal to the Council of the European

Union.
 Overseeing the implementation of EU policies, and carrying out studies on key

policy issues.

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Court of Auditors
 It has one judge appointed from each EU member country and is responsible for

ensuring that revenues and expenditures are implemented lawfully in accordance

to the budget.
Court of Justice
 The highest court in matters of EU law. It interprets and ensures equal application

of EU law across all Member States.

 The Court of Justice has supremacy over national law

Council of the European Union

 It is the major policy decision-making body of the EU.
 Decisions are conducted by the relevant ministers from each country.
 This body is responsible for all final EU decisions, except for the budget.

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European Parliament
 A group of 732 representatives elected directly by voters in each member

country of the EU.

 The Parliament serves as watchdog on EU expenditures.
 A total of 751 Members of the European Parliament (MEPs) currently

represent more than 512 million people from 28 member states.

 CURRENT UPDATE: “The next elections to the European

Parliament are expected to be held between 23 and 26 May 2019”

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 Single European market(SEM)
 A market consisting of all members of the EU, bound together by a
single currency, complete harmonization of social and economic
policies, and a common defence policy.
 Primary goals of the Single Market include stimulating economic

growth across the region, improving quality and availability of goods

and services, and reducing prices. 
 The EU single market involves integration between nations and is built

upon four key freedoms:

Goods
People
Capital
Services
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 EU position in world trade
 The EU is in prime position when it comes to global trade. 
 The EU has achieved a strong position by acting together with one

voice on the global stage, rather than with separate trade strategies.
 Europe has become deeply integrated into global markets. 
 The ease of modern transport and communications,  it is now easier to

produce, buy and sell goods around the world.

 As investors thrive in a stable, sound and predictable environment, they

are looking for investment barriers to be dismantled and investments to

be protected.

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Facts and figures on the EU’s position in global markets

 The EU is the largest economy in the world. Although growth is

projected to be slow, the EU remains the largest economy in the world
with a GDP per head of €25 000 for its 500 million consumers.
 The EU is the world's largest trading bloc. The EU is the world’s

largest trader of manufactured goods and services.

 The EU ranks first in both inbound and outbound international

investments.(here inbound means within 28 countries and outbound

means outside 28 countries)
 The EU is the top trading partner for 80 countries.
 The EU is the most open to developing countries.

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 Brexit
 Brexit is short for "British exit" - It is the word people use to talk about
the United Kingdom's decision to leave the European Union (EU)
 A public vote - called a referendum - was held on Thursday 23 June

2016. voters were asked just one question - whether the UK should leave
or remain in the European Union.
 The Leave side won by nearly 52% to 48% - 17.4m votes to 16.1m- but

the exit didn't happen straight away.

 It was due to take place on 29 March 2019 - but the EU agreed to postpone

this date.
 CURRENT UPDATE: Dead line for UK
 The reason the EU chose April 12 is because under law this is the deadline

for the UK to decide whether to hold European Parliament elections.

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Reference
 INTERNATIONAL BUSINESS 4TH EDITION (ALAN M. RUGMAN AND
SIMON COLLINSON)
 https://europa.eu/european-union/index_en
 https://www.ukcbc.ac.uk/four-freedoms-european-union/
 http://ec.europa.eu/trade/policy/eu-position-in-world-trade/
 http://
www.europarl.europa.eu/about-parliament/files/home-page/en-ep-brochure.
pdf
 https://www.consilium.europa.eu/en/policies/eu-industrial-policy/
 https://www.worldatlas.com/webimage/countrys/eupoliticallg.htm
 http://www.europarl.europa.eu/about-parliament/en
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THANK YOU

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