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, agriculture,  fisheries and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 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 the Inner Six: Belgium, France, Italy, Luxembourg, the Netherlands, and 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 Treaty of Lisbon, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United Kingdom signified the intention to leave after a membership referendum 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 nominal GDP. 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 diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Because of its global influence, the European Union has been described as an emerging superpower.

For more/whole information, visit the official site----

europa.eu

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 following--

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   -   Krona(SEK)

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 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The monetary authority 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 Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.

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 eurozone 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:

Eurosystem has exclusive right to issue euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand. Main objective of the Eurosystem is price stability, 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 systems.

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 eurozone and the euro. The Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders also form the Eurogroup.

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

BREXIT :

United 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 union.

The Article 50 Negotiating Period :

The process of leaving the EU formally began on March 29, 2017, when May triggered Article 50 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 history.

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 post-Brexit.

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 party.