Political Economy of the European Union Essay Example | Topics and Well Written Essays - 2000 words - 1

Political Economy of the European Union - Essay Examplestates, assuring thefreedom of movement of people, goods, services and capital.It bear on a common trade policy,agricultural andfisheriespolicies,and a regional development policy.Fifteen member states have implemented a common currency, theeuro. It has build up a role inforeign policy, and represents its members in theWorld Trade Organization, atG8summits and at theUnited Nations. Twenty-one EU nations are part ofNATO. It has likewise taken up a responsibility in justice and home affairs, which includes the elimination of passport control between many member nations under theSchengen Agreement. (Alan, 2007)The EU functions through a hybrid mechanism ofintergovernmentalismandsupranationalism. In particular areas it relies on symmetry among the member states. However, it also possesses supranational bodies, thus is competent to make judgments without agreement between each and every national governments. Among the prominent ins titutions and bodies of the EU are theEuropean Commission, theEuropean Parliament, theCouncil of the European Union, theEuropean Council, theEuropean Court of Justice,and theEuropean primaeval Bank. In every five years, the Parliament is elected by the EU citizens. Origins of the EU go back to the formation of theEuropean Coal and Steel Community, create among six countries in 1951 and theTreaty of Romein 1957. Thereafter the EU has expanded in size via accession of new associate states, and in post by adding new policy areas to its remit. (Richard, 2006)Subsequent to theSecond World War, efforts made towards European integration were viewed as a get away approach from the thick forms of nationalism, which had ravaged the continent.Theformation of the European Coal and Steel Community was among one such attempt to bring together Europeans. While having the unassuming aim of federal control of the formerly national coal and steel industries of its member nations, it