{"id":1635,"date":"2019-10-20T16:46:07","date_gmt":"2019-10-20T15:46:07","guid":{"rendered":"https:\/\/polscienceweb.com\/?p=1635"},"modified":"2021-09-30T09:30:32","modified_gmt":"2021-09-30T08:30:32","slug":"european-union","status":"publish","type":"post","link":"https:\/\/polscienceweb.com\/index.php\/european-union\/","title":{"rendered":"European Union"},"content":{"rendered":"\n

European Union (EU) is a political union as well as an economic union. All European Union members are autonomous states. Not only does it has its own currency, but it also has its own flag, anthem, as well as all its member states, follow a common foreign policy with respect to other nations. It was formed in 1957 with six nations (Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands). Today it consists of 28 countries out of which 19 countries form Eurozone.<\/p>\n\n\n\n

European Union is composed of 19 EU member states which use the common euro currency (Eurozone). But the UK continued with its currency, Pound and was not part of the border-free Schengen zone that allowed passport-free travel in EU. <\/p>\n\n\n\n

UK (United Kingdom) consists of four counties – England, Scotland, Wales and Northern Ireland. Brexit can have an impact on the UK in a fundamental way. According to some analysts, there could be a danger that it won\u2019t stay \u201cUnited\u201d for too long. <\/p>\n\n\n\n

European Union establishes a procedure under Article 50 of the Treaty of Lisbon as per which a member state can withdraw from the union. (Article 50 of the Treaty of Lisbon provides for a procedure for member countries to exit from the European Union. For any country to withdraw from the European Union, it has to negotiate a deal with EU.)<\/p>\n\n\n\n

Exceptions<\/strong><\/h3>\n\n\n\n

Norway, though not a member of the European Union, in order to gain favourable access to the European market, has agreed to abide by the number of its rules. Norway, Iceland and Liechtenstein are members of the EEC (European Economic Area). They stay out of the European Union but has access to the single market. They contribute to the EU budget. The fourth country is Switzerland i.e through bilateral treaties it has similar ties. <\/p>\n\n\n\n

To become its member, a nation needs to follow Copenhagen criteria, according to which it should have functioning market economy, acceptance of EU law, a stable democracy respecting human rights as well as rule of law which states that every action taken by the EU is as per the treaties that have been approved by all the EU member states. It is the responsibility of the European Council that countries in the union are fulfilling these criteria. <\/p>\n\n\n\n

FACTS<\/strong><\/h3>\n\n\n\n

The seven principal decision-making bodies\u2014called institutions of the European Union\u2014are: <\/p>\n\n\n\n