EUROPEAN Union - It consist of Economic Union , which is the highest level of integration , where 27 countries are in an agreement . Here policies and trade barriers are removed . They will be having same amount of barriers , factors of production transfer, negative trade list .
-Purpose of forming European Union -
- 2 big wars - It will affect peace and economy if continued war in future .
When EUROPEAN UNION come together , they work together to ensure peace , good life , things fair for people and all languages should be respected . There ensure strong committee .
- How many countries are there ?
-In 1951 , 6 countries came up with agreement , now these 6 countries founded European Coal and steel committee . It was renamed European Economic Committee .
After 6 countries remaining 22 countries started joining in between .
Right now from 28 countries , it is 27 , because Uk exited from European Union on 1st February 2020.
EUROPEAN UNION has 24 official languages .
In 2012 , EUROPEAN UNION got an Award of Nobel Peace Prize .
EUROPEAN UNION share is beneficial to world , which helps trade and keep world economy keep going .
EUROPEAN Union also helped Ukraine in current times .
Some countries are willing to join European union but still not part , and was asked to respect the laws of the union.
What is the benefit of currency commonalities ?
- No conversions
- No exchange rate
- Flexibility
- Cost Control
There are 3 Bodies involved in EUROPEAN UNION -
- European Commission - It suggests laws for Union .
- European Parliament - People are elected by Members of the country .
- European Council - To make decisions for every country and to make council for European union .
Why Britain Exited ?
Britain has to share highest amount of budget share to the UNION and also it became very crowded due to Migration from one country to Britain and therefore Britain decided to exit .
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