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European Union
This article is part of the series: Politics and government of the European Union Image File history File links Question_book-3. ... Image File history File links This is a lossless scalable vector image. ... Also see Economic and Monetary Union of the European Union. ... Image File history File links This is a lossless scalable vector image. ... The European Union or EU is a supranational and international organization of 27 member states. ...
Treaties
Rome · Maastricht (Pillars) Amsterdam · Nice · Lisbon
Institutions
Commission President José Manuel Barroso Barroso Commission The treaties of the European Union are effectively its constitutional law, making up the EUs primary legislation. ... The Treaty of Rome signing ceremony Signatures in the Treaty The Treaty of Rome refers to the treaty which established the European Economic Community (EEC) and was signed by France, West Germany, Italy, Belgium, the Netherlands and Luxembourg on March 25, 1957. ... The Maastricht Treaty (formally, the Treaty of European Union, TEU) was signed on February 7, 1992 in Maastricht, Netherlands after final negotiations in December 1991 between the members of the European Community and entered into force on November 1, 1993 during the Delors Commission. ... The Treaty of Maastricht which established the European Union, divided EU policies into three main areas, called pillars. ... Treaty of Amsterdam amending the Treaty of the European Union, the Treaties establishing the European Communities and certain related acts The Treaty of Amsterdam amending the Treaty of the European Union, the Treaties establishing the European Communities and certain related acts, commonly known as the Amsterdam Treaty, was signed on... Treaty of Nice The Treaty of Nice is a treaty adopted in Nice by the European Council to amend the two founding treaties of the European Union: the Treaty on European Union, or Maastricht Treaty, which introduced the Euro and the 3-pillar structure of the EU; the Treaty of... The Treaty of Lisbon was signed on February 13, 1668, between Afonso VI of Portugal and Carlos II of Spain, by mediation of Charles II of England. ... There are currently five institutions of the European Union which govern the Union. ... Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ... François-Xavier Ortoli, Romano Prodi, José Manuel Barroso and Jacques Delors The President of the European Commission is notionally the highest ranking unelected official within the European Union bureaucracy. ... José Manuel Durão Barroso, GCC (pronounced: IPA,  ) (born in Lisbon, March 23, 1956) is a Portuguese politician and the 11th President of the European Commission, being the first Portuguese to hold the post. ... The Barroso Commission is the European Commission that has been in office since 22 November 2004 and is due to serve until 31 October 2009. ...
Parliament President Hans-Gert Pöttering MEPs (2004-09 term) Established 1952, as the Common Assembly President Hans-Gert Pöttering (EPP) Since 16 January 2007 Vice-Presidents 14 Rodi Kratsa-Tsagaropoulou (EPP) Alejo Vidal-Quadras (EPP) Gérard Onesta (Greens – EFA) Edward McMillan-Scott (ED) Mario Mauro (EPP) Miguel Angel Martínez Martínez (PES) Luigi Cocilovo (ALDE) Mechtild... The President of the European Parliament oversees all the activities of the European Parliament and its constituent bodies. ... Hans-Gert Pöttering (often written as Poettering; born September 15, 1945 in Bersenbrück, Lower Saxony) is a German conservative politician (CDU), and has been President of the European Parliament since January 2007. ... A Member of the European Parliament (English abbreviation MEP)[1] is a member of the European Unions directly-elected legislative body, the European Parliament. ... This is a list giving breakdowns of the European Parliamentary session from 2004 to 2009. ...
Council Presidency: Slovenia (Dimitrij Rupel) High Representative · Voting Established 1952 Presiding Country Portugal President Luís Amado President in Office José Sócrates Members 27 (at one time) Political parties 7, including: European Peoples Party Party of European Socialists Meeting place Justus Lipsius, Brussels, Belgium, European Union Web site http://www. ... The Presidency of the Council of the European Union refers to the responsibility of presiding over all aspects of the Council of the European Union, when exercised collectively by a government, on a pre-established rota of the member states, of the European Union. ... Dimitrij Rupel (born April 7, 1946 in Ljubljana) is a liberal politician from Slovenia and current foreign minister of that country. ... The Common Foreign and Security Policy or CFSP was established as the second of the three pillars of the European Union in the Maastricht treaty of 1992, and further defined and broadened in the Amsterdam Treaty of 1997. ... The procedures for Voting in the Council of the European Union are described in the treaties of the EU. The Council of the European Union was instituted under this name in the Maastricht Treaty. ...
Other & Future Institutions Court of Justice · Court of Auditors Central Bank · European Council There are currently five institutions of the European Union which govern the Union. ... There are currently five institutions of the European Union which govern the Union. ... Official emblem of the ECJ The Court of Justice of the European Communities, usually called the European Court of Justice (ECJ), is the highest court in the European Union (EU). ... The European Court of Auditors is one of five institutions of the European Union. ... This article deals with the meeting of European Union leaders. ...
Elections
Last election (2004) · 2007 by-election Next election (2009) · Constituencies Parties · Parliamentary groups
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States · Enlargement · Foreign relations Law · EMU · Other bodies · Agencies
Other countries · Atlas  Politics Portal view • talk • edit

In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. The European Economic and Monetary Union (EMU) consists of three stages coordinating economic policy and culminating with the adoption of the euro, the EU's single currency. All member states of the European Union participate in the EMU. Fifteen member states of the European Union have entered the third stage and have adopted the euro as their currency. The United Kingdom, Denmark and Sweden have not accepted the third stage and the three EU members still use their own currency today. Elections in the European Union gives information on election and election results in the European Union. ... Elections to the European Parliament were held from June 10, 2004 to June 13, 2004 in the 25 member states of the European Union, using varying election days according to local custom. ... In early 2007, Bulgaria and Romania will elect their members of the European Parliament for the first time. ... Elections to the European Parliament will be held in June 2006 in the then–27 member states of the European Union, using varying election days according to local custom. ... European Parliament electoral system is proportional representation. ... The European political party, or formally political party at European level, is a type of political party organization in the European Union, eligible to receive funding from the Union. ... // Origins of the EU History of the European Union European Coal and Steel Community (ECSC) Euratom Single market. ... Austria Poland Belgium Bulgaria Cyprus Czech   Rep. ... The European Union (EU) was created by six founding states in 1957 (following the earlier establishment by the same six states of the European Coal and Steel Community in 1952) and has grown to 27 member states. ... Foreign relations of the European Union Foreign relations of Austria Foreign relations of Belgium Foreign relations of Cyprus Foreign relations of the Czech Republic Foreign relations of Denmark Foreign relations of Estonia Foreign relations of Finland Foreign relations of France Foreign relations of Germany Foreign relations of Greece Foreign relations... The Law of the European Union is the unique legal system which operates alongside the laws of Member States of the European Union (EU). ... There are currently five institutions of the European Union which govern the Union. ... The agencies of the European Union (or decentralised bodies of the European Union) are bodies which are distinct from the European Unions institutions, in that they have not been created by the treaties but rather by acts of secondary legislation, in order to accomplish a very specific task. ... Information on politics by country is available for every country, including both de jure and de facto independent states, inhabited dependent territories, as well as areas of special sovereignty. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... For other uses, see Euro (disambiguation). ...

Under the Copenhagen criteria, it is a condition of entry for states acceding to the EU that they be able to fulfil the requirements for monetary union within a given period of time. The 10 new countries that acceded to the European Union in 2004 all intend to join third stage of the EMU in the next ten years, though the precise timing depends on various economic factors. Similarly, those countries who are currently negotiating for entry will also take the euro as their currency in the years following their accession. (See Enlargement of the European Union.) On the 1^st of January 2008 Cyprus and Malta joined the EMU. The Copenhagen criteria are the rules that define whether a country is eligible to join the European Union. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... For other uses, see Euro (disambiguation). ... The European Union (EU) was created by six founding states in 1957 (following the earlier establishment by the same six states of the European Coal and Steel Community in 1952) and has grown to 27 member states. ...

Prior to adopting the euro, a member state has to have its currency in the European Exchange Rate Mechanism (ERM II) for two years. Denmark, Estonia, Latvia, Lithuania, and Slovakia are the current participants in the exchange rate mechanism.  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for...

EMU is sometimes misinterpreted to mean European Monetary Union.

History of the EMU

First ideas of an economic and monetary union in Europe were raised well before establishing the European Communities. For example, already in the League of Nations, Gustav Stresemann asked in 1929 for a European currency (Link) against the background of an increased economic division due to a number of new nation states in Europe after WWI. Also see Economic and Monetary Union of the European Union. ... The European Community (EC), most important of three European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... The League of Nations was an international organization founded as a result of the Treaty of Versailles in 1919–1920. ...   (May 10, 1878 – October 3, 1929) was a German liberal politician and statesman who served as Chancellor and Foreign Secretary during the time of the Weimar Republic. ... “The Great War ” redirects here. ...

A first attempt to create an economic and monetary union between the members of the European Communities goes back to an initiative by the European Commission in 1969, which set out the need for "greater co-ordination of economic policies and monetary cooperation" (Barre Report), which was followed by the decision of the Heads of State or Government at their summit meeting in The Hague in 1969 to draw up a plan by stages with a view to creating an economic and monetary union by the end of the 1970s. The European Community (EC), most important of three European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ... Hague redirects here. ...

On the basis of various previous proposals, an expert group chaired by Luxembourg’s Prime Minister and Finance Minister, Pierre Werner, presented in October 1970 the first commonly agreed blueprint to create an economic and monetary union in three stages ( Werner plan). The project experienced serious setbacks from the crises arising from the non-convertibility of the US dollar into gold in August 1971 (i.e. the Bretton Woods System) and from rising oil prices in 1972. An attempt to limit the fluctations of European currencies, using a snake in the tunnel, failed. Pierre Werner (29 December 1913 - 24 June 2002) was a Luxembourg politician. ... This article is about the type of currency. ... Wikipedia does not have an article with this exact name. ... The snake in the tunnel was the first attempt at European monetary cooperation in the 1970s, aiming at limiting fluctuations between different European currencies. ...

The debate on EMU was fully re-launched at the Hanover Summit in June 1988, when an ad hoc committee (Delors Committee) of the central bank governors of the twelve member states, chaired by the President of the European Commission, Jacques Delors, was asked to propose a new timetable with clear, practical and realistic steps for creating an economic and monetary union^[1]. This way of working was derived from the Spaak method. Berlaymont, the Commissions seat The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. ... Jacques Lucien Jean Delors (born July 20, 1925 in Paris) is a French economist and politician, the only person who served two terms as President of the European Commission (between 1985 and 1995). ...

The Delors report of 1989 set out a plan to introduce the EMU in three stages and it included the creation of institutions like the European System of Central Banks (ESCB), which would become responsible for formulating and implementing monetary policy. The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ...

The three stages for the implementation of the EMU were the following:

Stage One: 1 July 1990 to 31 December 1993

• On 1 July 1990, exchange controls were abolished, thus capital movements were completely liberalised in the European Economic Community.
• The Treaty of Maastricht in 1992 establishes the completion of the EMU as a formal objective and sets a number of economic convergence criteria, concerning the inflation rate, public finances, interest rates and exchange rate stability.
• The treaty enters into force on the 1 November 1993.

is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 1990 (MCMXC) was a common year starting on Monday (link displays the 1990 Gregorian calendar). ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 1990 (MCMXC) was a common year starting on Monday (link displays the 1990 Gregorian calendar). ... The European Community (EC), most important of three European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... The Maastricht treaty (formally, the Treaty on European Union) was signed on 7 February 1992 in Maastricht between the members of the European Community and entered into force on 1 November 1993. ... Year 1992 (MCMXCII) was a leap year starting on Wednesday (link will display full 1992 Gregorian calendar). ... This is an article about European Politics, Convergence criteria is also a mathematical term regarding series Convergence criteria, also known as the Maastricht criteria, are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union (EMU) and adopt the euro. ... is the 305th day of the year (306th in leap years) in the Gregorian calendar. ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ...

Stage Two: 1 January 1994 to 31 December 1998

• The European Monetary Institute is established as the forerunner of the European Central Bank, with the task of strengthening monetary cooperation between the member states and their national banks, as well as supervising ECU banknotes.
• On 16 December 1995, details such as the name of the new currency (the euro) as well as the duration of the transition periods are decided.
• On 16-17 June 1997, the European Council decides at Amsterdam to adopt the Stability and Growth Pact, designed to ensure budgetary discipline after creation of the euro, and a new exchange rate mechanism (ERM II) is set up to provide stability between the euro and the national currencies of countries that haven't yet entered the eurozone.
• On 3 May 1998, at the European Council in Brussels, the 11 initial countries that will participate in the third stage from 1 January 1999 are selected.
• On 1 June 1998, the European Central Bank (ECB) is created, and in 31 December 1998, the conversion rates between the 11 participating national currencies and the euro are established.

is the 1st day of the year in the Gregorian calendar. ... Year 1994 (MCMXCIV) The year 1994 was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by the United Nations. ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB). ... is the 350th day of the year (351st in leap years) in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... For other uses, see Euro (disambiguation). ... is the 168th day of the year (169th in leap years) in the Gregorian calendar. ... For the band, see 1997 (band). ... This article deals with the meeting of European Union leaders. ... The Stability and Growth Pact (SGP) is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union of the European Union. ... is the 123rd day of the year (124th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... is the 152nd day of the year (153rd in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ...

Stage Three: 1 January 1999 and continuing

• From the start of 1999, the euro is now a real currency, and a single monetary policy is introduced under the authority of the ECB. A three-year transition period begins before the introduction of actual euro notes and coins, but legally the national currencies have already ceased to exist.
• On 1 January 2001, Greece joins the third stage of the EMU.
• The euro notes and coins are introduced in January 2002.
• On 1 January 2007, Slovenia joins the third stage of the EMU.
• On 1 January 2008, Cyprus and Malta join the third stage of the EMU.

is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... The euro symbol The euro (EUR or €) is the single currency for many countries within the European Union. ... The euro (EUR or €) is the currency of 13 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain), three European microstates which have currency agreements with the EU (Monaco, San Marino and the Vatican City State), Andorra, Montenegro and the... is the 1st day of the year in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... is the 1st day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 1st day of the year in the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Anno Domini (common) era, in accordance with the Gregorian calendar. ...

Criticism

There have been debates as to whether the Eurozone countries constitute an optimum currency area. By contrast with other single currency areas such as the United States, the Eurozone seems to be lacking the same degree of homogenity with regard to a common language, history or culture. The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... In economics, an optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...

Additionally, there is a significant amount of economic diversity within the economies of the Eurozone. As a result, Eurozone interest rates have to be set for both low-growth and high-growth Euro members. Monetary policy (setting of interest rates to influence economic activity) is a major economic tool used by governments. Economies operating according to the Juglar Business Cycle perform best under different monetary policies if they are not in sync, so it has been argued that a "one-size fits all" monetary policy could not work. An interest rate is the rental price of money. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... Face-to-face trading interactions on the New York Stock Exchange trading floor Look up economics in Wiktionary, the free dictionary. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ...

To enable true free movement of goods and capital, significant harmonisation and opening-up of economies would be necessary, but these aims are proving difficult to implement in the real world.

See also

European Union Portal

• European System of Central Banks
• United Nations Monetary and Financial Conference (Bretton Woods)

Image File history File links This is a lossless scalable vector image. ... The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ... Mount Washington Hotel The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 delegates from all 45 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire to regulate the international monetary and financial order after the conclusion of...

References

1. ^ Verdun A., The role of the Delors Committee in the creation of EMU: an epistemic community?, Journal of European Public Policy, Volume 6, Number 2, 1 June 1999 , pp. 308-328(21)

External links

• EMU: A Historical Documentation (European Commission)
• The euro and other currency unions in history
• What is the European Monetary Union? University of Iowa Center for International Finance and Development
• Economic and Monetary Union of the European Union European Navigator

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