Tag: trade and trade organisations

The European Union operates according to the principles of Conferral which says that it should act only within the limits of the competences conferred on it by the treaties.

Greece is the country of European Union which recently under went the economic crises in 2016.

The Council of the European Union referred to in the treaties and other official documents simply as the 'Council' is the third of the seven Institutions of the European Union (EU) as listed in the Treaty on European Union. It is the other half of the EU legislature (the other legislative body being the European Parliament) and represents the executive governments of the EU's member states. Sometimes it is also referred to as the Council of Ministers.

The euro is the official currency of the European Union. Currently, 19 of 28 member states use the euro; this group of states is known as the eurozone. It is the second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents.

The European Atomic Energy Community (EAEC or Euratom) is an international organization established by the Treaty of Rome. Its original purpose is of creating a specialist market for nuclear power in Europe, developing nuclear energy and distributing it to its member states while selling the surplus to non-member states.

It is legally distinct from the European Union (EU), but has the same membership, and is governed by many of the EU's institutions but is the only remaining community organization that is independent of the European Union and therefore outside the regulatory control of the European Parliament.

Vatican city,the smallest country of the world is not the member of European Union but it uses its currency Euro.

The European Research Council (ERC) is a public body for funding of scientific and technological research conducted within the European Union (EU). Established by the European Commission in 2007, the ERC is composed of an independent Scientific Council, its governing body consisting of distinguished researchers, and an Executive Agency, in charge of the implementation.

The Court of Auditors (European Court of Auditors, ECA) is the fifth institution of the European Union (EU). It was established in 1975 in Luxembourg. 

Despite its name, the Court has no judicial functions. The primary role of the court is to externally check if the budget of the European Union has been implemented correctly, in that EU funds have been spent legally and with sound management.

To become a member, a country must meet the Copenhagan Criteria defined at the 1993 meeting of the European Council in Copenhagen