European Union and its history, laws, achievements, advantages | Eurozone, European central Bank, Brexit and article 13.

The European Union (EU) is a
political and economic union of 
28 member states in Europe,
spread at 4,475,757 km2 (1,728,099 sq.mile) and an
estimated population of about 513 million. The EU has developed 
an internal single market through
a standardized 
system of laws that apply in
all member states in those matters, and only those matters, where members have
agreed to act as one. EU policies aim to ensure the
free movement of people, goods, services and capital
within the internal market, enact legislation in justice and home affairs and
maintain common policies on trade,
agriculturefisheries and regional development.
For travel within the 
, passport controls have been abolished. A
monetary union
 was established in 1999 and came into full
force in 2002 and is composed of 
EU member states
 which use the euro currency.
The EU and European citizenship were
established when the 
Maastricht Treaty came
into force in 1993. The EU traces its origins to the 
European Coal and Steel Community (ECSC)
and the 
European Economic Community (EEC),
established, respectively, by the 1951 
Treaty of Paris and 1957 Treaty
of Rome
. The original members of what came to be known as the European Communities were
Inner Six: Belgium, France, Italy, Luxembourg, the Netherlands,
West Germany. The Communities and its successors have grown in
size by 
the accession of new member states and
in power by the addition of policy areas to its remit. The latest major
amendment to the constitutional basis of the EU, the 
of Lisbon
, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United
the intention to leave
 after a membership
 in June 2016 and is negotiating its withdrawal.
Covering 7.3% of the world population, the EU in
2017 generated a nominal 
gross domestic product (GDP)
of 19.670 trillion US dollars, constituting approximately 24.6% of global 
. Additionally, all 28 EU countries have a very high Human Development Index,
according to the 
United Nations Development Programme.
In 2012, the EU was awarded the 
Nobel Peace Prize. Through the Common Foreign and Security Policy,
the EU has developed a role in 
external relations and defence.
The union maintains permanent 
 throughout the world and represents itself at the United Nations,
Trade Organization
, the G7 and
G20. Because of its global influence, the European
Union has been described as an 
emerging superpower.

For more/whole information, visit the official

EU Countries : List of 28

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia,
Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden & United Kingdom

EU Currency :

19 Countries adopted & bear
the currency-
EURO called as EUROZONE member countries under Eurosystem..and the rest of all are

Bulgaria-          currency   –   lev
Croatia-            currency  –    kuna
Czechia-           currency   –   Czech Koruna
Denmark-        currency   –   Krone(DKK)
Hungary-          currency   –   forint
Poland-              currency   –   złoty
Romania-         currency   –    leu
Sweden-           currency   –  
U.K-                    currency    –  Pound sterling
* 4 -Non European Union states- Andorra, Monaco, San Marino, and Vatican City also had signed an agreement to adopt & bear Euro.
* Kosovo and Montenegro officially adopted the euro as their sole currency
without agreement.

EU Currency denomination :

Euro banknotes:

€5,  €10,
 €20,  €50, €100, €200 and €500

Euro coins:

1c/1cent,  2c, 5c, 10c, 20c, 50c , €1 and €2.

Eurozone :

The Eurozone
or euro area is a 
monetary union, consists of 19 of the
European Union
(EU) member states
 which have
adopted the 
euro () as their common currency and sole legal tender. The monetary
 of the eurozone is the Eurosystem. The other nine members of the European Union continue to use their own national
currencies, although most of them are obliged to adopt the euro in the future. 
Eurozone consists of AustriaBelgiumCyprusEstoniaFinlandFranceGermanyGreeceIrelandItalyLatviaLithuaniaLuxembourgMalta, NetherlandsPortugalSlovakiaSlovenia,
Since the financial crisis of 2007–08, the eurozone has
established and used provisions for granting emergency loans to member states
in return for enacting economic reforms. The
has also enacted some limited fiscal integration:
for example, in peer review of each other’s national budgets. The issue is
political and in a state of flux in terms of what further provisions will be
agreed for
eurozone change.


Eurosystem has exclusive right to issue euro banknotes. Member states can issue euro
, but the
amount must be authorised by the
ECB beforehand. Main objective of the Eurosystem
, financial
stability and financial integration. The mission statement of the Eurosystem says that the ECB and the
national central banks jointly contribute to achieving the objectives.
to define and implement
the common 
monetary policy of the Eurozone. Besides,
Eurosystem conducts foreign exchange operations,
hold and manage the official 
foreign reserves of
the euro zone Member States, and promote the smooth operation of payment
Eurosystem is fully independent when performing Eurosystem-related tasks, neither the ECB, nor an NCB, nor any
member of their decision-making bodies may seek or take instructions from any
external body.

European Central Bank(ECB) :

The European Central Bank(ECB), which is governed by a president and a board of the
heads of national 
central banks, sets the monetary policy of the zone. The principal
task of the
ECB is
to keep inflation under control.
Though there is no common representation, governance or 
fiscal policy for the currency union, some co-operation does take
place through the Eurogroup,
which makes political decisions regarding the
and the euro. The Eurogroup
is composed of the finance ministers of eurozone states, but in emergencies,
national leaders also form the

National Central Bank(NCB) under Eurozone :

Austria:                Oesterreichische Nationalbank

Belgium:               National Bank of Belgium

Cyprus:                Central Bank of Cyprus

Estonia:                Eesti Pank

Finland:               Bank of Finland

France:                Banque de France

Germany:            Deutsche Bundesbank

Greece:                 Bank of Greece

Ireland:                Central Bank of Ireland

Italy:                     Bank of Italy

Latvia:                  Latvijas Banka

Lithuania:            Lietuvos Bankas

Luxembourg:      Banque centrale du Luxembourg

Malta:                  Central Bank of Malta

Netherlands:       De Nederlandsche Bank

Portugal:             Banco de Portugal

Slovakia:             Národná banka Slovenska

Slovenia:             Bank of Slovenia

Spain:                  Banco de España

Kingdom(Britain), formerly a member
of European Union (EU), On June 23, 2016 by a referendum people of UK opted to
exit itself from the European Union and Brexit is the modern nomenclature gifted by the social medias from
around the globe for this exit. The expanded form entails Britain’s exit.

Causes of BREXIT :
UK has been one of a prominent member of the EU. It is the
second contributor after Germany(20%) to the EU’s GDP giving in every fiscal a
17% of contribution. France 14%. Italy 11%. UK has always been so open among
the other countries. Liberalization was at its peak, but however to majority Of
Britishers such liberalization seemed a harm to the nation. Issues ranging from
job to immigration to education made them worried. So, as a result they decided
to move out of the uni

The Article 50 Negotiating Period :

The process of leaving the EU formally began on
March 29, 2017, when May triggered 
 of the Lisbon Treaty. The U.K. has two years from that
date to negotiate a new relationship with the EU. Talks began on June 19,
2017. Questions have swirled around the process, in part because Britain’s
constitution is unwritten and in part because no country has left the EU
using Article 50 before (Algeria left the EU’s predecessor through its
independence from France in 1962, and Greenland – a self-governing Danish
territory – left through a special treaty in 1985).
On November 25, 2018, Britain and the EU agreed on a
585-page Withdrawal Agreement, a Brexit deal, touching upon issues like citizen’s
rights, the divorce bill and the Irish border.
Parliament voted on this Withdrawal Agreement on
Tuesday, January 15, 2019. Members of Parliament voted 432-202 to reject the
agreement, the biggest defeat for a government in the House of Commons in recent
Theresa May survived a no-confidence vote held on
January 16 and she unveiled her Plan B on January 21. The plan was criticized
for being very similar to the original deal she presented.
On January 29, MPs voted for May to return to
Brussels to remove the controversial Irish backstop portion of her plan and
replace it with alternative arrangements, but the EU had said the deal is not
open for re-negotiation. The backstop is a plan to avoid a hard Irish border if
the U.K. and EU don’t sign a free trade deal during the transition period
May was seeking changes to the controversial Irish
backstop provision to win Parliament’s backing. The backstop is intended to be
temporary, but Euroskeptic MPs worry it will last indefinitely and compromise
Britain’s autonomy. She was also accused by the Labor Party of “recklessly
running down the clock” to force MPs to choose between her deal and a no
deal outcome.
MPs voted against her deal by 391-242 votes on March
12 despite May’s claim of “legally binding” changes to the agreement,
setting Britain on the path to a no-deal Brexit. Parliament stepped in to delay
it and the EU gave its permission.
On March 27, none of the eight Brexit alternatives
voted on by Members of Parliament received a majority. May’s deal was rejected
again on March 29 by a margin of 58 votes, despite her vow to resign before the
next stage of negotiations if it was passed.
The Labor Party faces its own crisis after almost a
dozen lawmakers decided to leave and form the Independent Group in the House of
Commons. They blamed Corbyn’s failure to address anti-Semitism in the party and
his poor Brexit policy. Three MPs belonging to May’s Conservative party have
also quit to join the Independent Group. They complained that the policies and
priorities of the Tories are being defined by the hardline Euroskeptics in the

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