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ts and fundamental freedoms, and the rule of law. ? Largest economic body in the world. ? World’s most successful model for advancing peace and democracy. ? A unique institution – Member States voluntarily cede national sovereignty in many areas to carry out mon policies and governance. ? Not a superstate to replace existing states, nor just an anization for international cooperation. ? World’s most open market for goods and modities from developing countries. 27 7 30 490 million Member States Combined population of EU Member States Percent of world’s population Percent of global GDP 55 Percent of bined worldwide Official Development Assistance The European Union EU Institutions European Commission ? 27 Commissioners, representing the European perspective, each responsible for a specific policy area. ? EU’s executive branch proposes legislation, manages Union’s daytoday business and budget, and enforces rules. ? Negotiates trade agreements and manages Europe’s multilateral development cooperation. Council of the European Union ? EU’s main decisionmaking body, prised of ministers of 27 Member States, representing Member State’s point of view. ? Decides on foreign policy issues. ? Council presidency rotates among Member States every six months. European Commission President Jos233。 Manuel Barroso The European Union EU Institutions European Parliament ? Voice of European citizens – members elected for fiveyear terms. ? With the Council, passes EU laws and adopts EU budgets. ? Approves EU Commissioners. European Court of Justice ? Highest EU judicial authority. ? Ensures all EU laws are interpreted and applied correctly and uniformly. ? Can act as an independent policy maker but unlike the . Supreme Court, the ECJ can only deal with matters covered by the Treaties. European Parliament in session The European Union European Central Bank ? The European Central Bank (ECB) is the central bank for Europe39。s purchasing power and thus price stability in the euro area. ? The euro area prises the 15 European Union countries that have introduced the euro since 1999. ? The ECB operates independently from Member State governments. The euro was introduced in 1999 The European Union United in Diversity The €uro The European Union The €uro In 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States. Of the 27 EU Member States today, fifteen have adopted the euro. One of the striking benefits of a single European currency are low interest rates due to a high degree of price stability. The euro is as stable and credible as the bestperforming currencies previously used in the euro area countries. € € € € The European Union 1951: ? In the aftermath of World War II, the aim was to secure peace among Europe’s victorio