Monday, June 12, 2017

The European Union History

The European Union
Europe is made up of many different countries and cultures, all located in a small region. Each country has its own money, laws, and economic policies. Because people and goods are constantly moving across their national borders, these countries have joined together to form a trading and economic association known as the European Union (EU).

The idea of European countries joining is not new. Several western European nations formed a common market, a group of countries that has free trade among its members and a single trade policy, in 1957. The purpose of the European common market, called the European Economic Community (EEC), was to make sure that  the economic policies of its members did not work against one another. The EEC set as its goal the creation of the European Union. In 1993 the European Union became a reality.The European Union is divided into five branches. Four of these branches  the European Council, the European Commission, the Council of Ministers, and the European Parliament decide policy and make laws for the EU. The fifth branch, the European Court of Justice, sees that the branches follow the rules and laws of the EU.

Today the EU is the world's largest trading power, with 15 trading partners.

EU members do not add tariffs to goods they import from one another. Future goals of the EU include a common unit of money and a central bank.

What is the European Union?

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