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2. In 1987 Single European Act is signed which is a six year programme designed to deal with the problems of free flow of trade across E.U borders. 3. In Nov, 1989 Berlin Wall is pulled down after 28 years.
3. 1995 E.U gains 3 more members Austria, Finland & Sweden. Total E.U count 15 covering most of the western Europe. 4. 1995 Signing of the Schengen Agreements that gradually allow people to travel without having their passports checked at the borders 5. 1997 Signature of the Treaty of Amsterdam which leads to reform of E.U institutions, employment & rights of citizens. 2000 onwards 1. 2000 Treaty of Nice opens the way for Enlargement of E.U 2. 1999 Euro is introduced in 11 countries for commercial & financial transactions.[ followed by Greece in 2001]. Denmark, Sweden & United Kingdom decide to stay out. 3. January1, 2002 Euro notes & coins arrive .
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May, 2004 8 countries of Central & Eastern Europe join E.U Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Slovenia & Slovakia. Cyprus & Malta also become members.
5. October 2004 E.U nations sign treaty establishing a European Constitution. Citizens in France & Netherlands do not ratify the treaty, E.U leaders declare a period of reflection. 6. January 1, 2007 New members from Eastern Europe- Bulgaria, Romania. 7. Dec, 2007 27 E.U Members sign the treaty of Lisbon to make E.U more democratic
Companies are now able to bid for contracts to supply goods and services to public authorities in other Member States due to the opening up of public procurement. Investment - The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. A study found that the introduction of the euro accounts for 22% of the investment rate after 1998 in countries that previously had a weak currency. Regarding foreign direct investment, a study found that the intra-Eurozone FDI stocks have increased by about 20% during the first four years of the EMU.
Reduced transaction costs & risks Price Parity Macroeconomic stability Financial Integration - On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with Eurozone countries lending and borrowing more between each other than with other countries
2. BENEFITS TO CONSUMERS EU citizens can travel across most of the EU without carrying a passport and without being stopped for checks at the borders. Less bureaucracy for people wishing to study, work or retire in another EU country. More than 15 million EU citizens have moved to other EU countries to work or to enjoy their retirement, benefiting from the transferability of social benefit 73% of EU citizens think the Single Market has contributed positively to the range of products on offer, while the establishment of common standards has led to safer and environmentally friendlier products, such as food, cars and medicines
More competition in public procurement means better value and higher quality services for the taxpayer
With more financial integration and liberalization of capital movements within the EU, citizens can benefit from a wider range of products, better quality, lower prices and more and better opportunities to invest their savings, as well as diversify their portfolio and seek the most optimum return in an integrated European financial market
As of October 2009, with more than 790 billion in circulation, the euro is the currency with the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the Eurozone is the second largest economy in the world Euro was established by the provisions in the 1992 Maastricht Treaty on European Union to establish a monetary union. On 1 December 2009 the Treaty of Lisbon entered into force, and with it the euro became the official currency of the European Union.
In order to participate in the new currency, member states had to meet strict criteria such as budget deficit of less than 3% of their GDP, low inflation & interest rates close to the E.U average. All conversion between the national currencies had to be carried out using the process of triangulation via the Euro & ECU [ European Currency Unit] based on the closing exchange rate on 31st Dec, 1998. The Euro became the successor to the ECU.
The currency was introduced in non-physical form [ travellers cheques, electronic transfers, banking etc.] at midnight on 1st January, 1999, when the national currencies of participating countries [ Eurozone ] ceased to exist independently in that their exchange rates were locked at fixed rates against each other .
Beginning on 1January 1999, all bonds & other forms of govt. debt by Eurozone nations were denominated in euro. The notes & coins for the old currencies continued to be used as a legal tender until new notes & coins were introduced on 1 January, 2002.
Austrian schilling Belgian franc Dutch gulden Finnish markka French franc German mark Irish pound Italian lira Luxembourg franc Portuguese escudo
ATS BEF NLG FIM FRF DEM IEP ITL LUF PTE
13.7603 40.3399 2.20371 5.94573 6.55957 1.95583 0.787564 1936.27 40.3399 200.482
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Greece drachma
GRD
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European Parliament
elected every five years by the people of Europe to represent their interests. The present parliament, elected in June 2004, has 785 members from all 27 EU countries. The main job of Parliament is to pass European laws. It shares this responsibility with the Council of the European Union, and the proposals for new laws come from the European Commission. Parliament and Council also share joint responsibility for approving the EUs 100 billion annual budget. Members of the European Parliament (MEPs) do not sit in national blocks, but in seven Europe-wide political groups. The main meetings of the Parliament are held in Strasbourg, others in Brussels The Parliament elects the European Ombudsman, who investigates citizens complaints about maladministration by the EU institutions.
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European Commission - It drafts proposals for new European laws, which it presents to the European Parliament and the Council. It manages the day-to-day business of implementing EU policies and spending EU funds. It is independent of national governments. The Court of Justice - The Court is located in Luxembourg and has one judge from each member country European Central Bank - Its prime concern is ensuring price stability so that the European economy is not damaged by inflation. The Bank takes it decisions independently of governments and other bodies European Investment Bank - The Luxembourg-based bank also lends to candidate states and developing countries. Because it is owned by EU governments, the bank can raise capital and provide credits at favourable rates. The Court of Auditors & The European Economic and Social Committee