European Union - COREDO

European Union

17.09.2024
Article updated: 17.09.2024
Author: COREDO team

Content

The European Union (EU) is a unique international organisation uniting 27 countries. This union entails economic and political integration, although it is officially neither an international organisation nor a state entity.

The European Union’s objectives include ensuring the economic and political interests of its member states. Among the most important goals are the welfare of its inhabitants, the security of internal borders, the protection of the rights and freedoms of EU citizens, and the enhancement of economic efficiency through the creation of a single market.

The EU is often described as a unique geopolitical entity, as no comparable union exists in the world. All EU member states are full members of the Union, and citizens of these countries enjoy equal rights as established by EU legislation. The Union’s fundamental principles include the free movement of people, goods, services, and capital, as well as the respect for human dignity, human rights, freedom, democracy, equality, and the rule of law.

Structure of the European Union

As of mid-2024, the European Union comprises 27 countries, covering a total area of 4,233,255 km². More than 449 million people reside within this territory, representing approximately 6% of the world’s population. The inhabitants of these countries speak 24 different languages. The European Union formally has no capital; however, Brussels serves as the de facto capital, as it hosts the main EU institutions.

Glossary COREDO EUThe list of EU member states includes:

Austria             Belgium             Bulgaria
Croatia             Cyprus              Czech Republic
Denmark          Estonia              Finland
France             Germany           Greece
Hungary           Ireland               Italy
Latvia               Lithuania           Luxembourg
Malta                Netherlands      Poland
Portugal           Romania            Slovakia
Slovenia           Spain                 Sweden

Until 31 January 2020, the United Kingdom was also a member of the EU, but it left the union due to a series of disagreements. The process of the United Kingdom’s withdrawal from the European Union is known as Brexit.

Additionally, seven countries are currently in negotiations to join the EU. These include Albania, North Macedonia, Serbia, Turkey, Montenegro, Moldova, and Ukraine.

EU institutions

The European Union has seven key bodies responsible for safeguarding the common interests of its member states. These include:

  • Legislative institutions:
    • The European Council, composed of the heads of state and government of the EU member states.
    • The Council of Ministers, comprising the ministers of the EU member states responsible for drafting regulations.
    • The European Parliament, made up of 736 elected representatives, operates with two chambers.
  • The executive institution represented by the European Commission, which consists of 27 European Commissioners.
  • Judicial institution:
    • The Court of Justice of the European Union, composed of 27 judges (one from each member state).
  • Financial institutions:
    • The European Court of Auditors, consisting of 27 auditors.
    • The European Central Bank, headquartered in Frankfurt am Main.

History of the emergence of the European Union

In 1951, the European Coal and Steel Community (ECSC) was established, often considered the first prototype of the EU. It united the coal and steel industries of Belgium, Italy, Luxembourg, the Netherlands, France, and the Federal Republic of Germany.

In 1957, the European Economic Community was created, laying the foundation for what is now the European Union. That same year, the European Economic Community was established, uniting six countries. The European Union, in its current form, emerged from this foundation and was formally established by the Maastricht Treaty on 7 February 1992, which came into effect on 1 November 1993. Initially, the Union comprised 12 countries. 1 November is celebrated as the EU’s birthday.

In 2002, the euro (EUR) — the single currency of the European Union — was introduced. Nowadays, 20 EU member states use the euro as their official currency, replacing their national currencies.

The European Union plays a significant role in the international political arena, and many countries recognise the benefits of joining it.

In addition to their national symbols, all EU member states recognise common symbols for the Union, including:

  • The EU flag, featuring a circle of 12 yellow stars on a blue background.
  • An anthem composed by Ludwig van Beethoven for his Ninth Symphony, with the lyrics of Friedrich Schiller’s poem «Ode to Joy».
  • The motto: «In varietate concordia», meaning «Unity in diversity».
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