Introducing
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The European Union
The Road Ahead
Institutions and
the Bureaucracy: facts, figures
and costs
Institutions and
the Bureaucracy: facts, figures
and costs
European Investment Bank Luxembourg
It's the European Union's nonprofit long-term lending institution established in 1958 under the Treaty of Rome.
It's both an institution and a bank
EIB
As a "policy-driven bank" whose shareholders are the member states of the EU, the EIB uses its financing operations to bring about European integration and social cohesion. It should not be confused with the European Central Bank.
The major part of its lending activity is focused on the EU's less prosperous regions (Eastern Europe countries and former Soviet Union)
Loans are made to each of the member states. Italy has been one of the greatest beneficiaries, together with Spain and Portugal. Germany was a great borrower mainly to finance investiments in Estern Germany after the unification. The new member states that joined in 2007 are increasingly benefiting from the bank's activities
EIB LOANS 2008 - 2009
EIB LOANS 2008 - 2009
- Energy
- Industry
- Advanced Technology
- Modernization and conversion of enterprises
- Transport
- Telecommunication
- Environmental Protection
2008 TOTAL INVESTMENTS: 51,5 BILLION
2008 - 2009
In this period, the lending activity of the bank sharply increased if compared with the year 2002 (39, 6 billion)
Can you guess why?
2008 - 2009
European Central Bank in Frankfurt
ECB is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states
Eurozone
Basic Statistics of member states
Basic Statistics of member states
Economic and Monetary Union
Four conditions for adoption of a single currency:
1. inflation control
2. Interest rate cannot exceed by more than 2% a year the average of the 3 best performing states
3. Currency should not have been devalued for the last 2 precceding years
4. Excessive deficit: Government deficit exceeding 60% of the GDP
In 1999, 11 of the 15 member states had suceeded in meeting the criteria
In 1999, 11 of the 15 member states had suceeded in meeting t...
The UK and Denmark met the criteria, but exercised their right to opt out. Sweden remains outside the euro zone largely out of concern that joining the European Economic and Monetary Union would diminish the country’s sovereignty over its welfare system. Greece failed to meet the criteria.
Three Stages of Economic and Monetary Union
Source: European Central Bank
https://www.ecb.europa.eu/home/html/index.en.html
Three Stages of Economic and Monetary Union
Source: European Centr...
Stage 1 - Complete freedom for capital transactions;
Increased co-operation between central banks;
Stage 2
Strengthening of economic convergence;
Stage 2
Stage 3
Irrevocable fixing of conversion rates;
Entry into force of the Stability and Growth Pact;
The Court of Justice
Role: Ensuring EU law is interpreted and applied the same in every EU country; ensuring countries and EU institutions abide by EU law.
Members:
Court of Justice: 1 judge from each EU country, plus 11 advocates general
General Court: 47 judges. In 2019 this will be increased to 56 (2 judges from each EU country).
Location: Luxembourg
It can also, in certain circumstances, be used ...
It can also, in certain circumstances, be used by individuals, companies or organisations to take action against an EU institution, if they feel it has somehow infringed their rights.
There is no appeal against its decision.
It's the only EU court within the Community
It takes precedence over national law
General Court
In practice, this court deals mainly with competition law, State aid, trade, agriculture, trade marks.
General Court
European Court of Human Rights
The 47 judges are elected by the Parliamentary Assembly of the Council of Europe from lists of three candidates proposed by each State. They are elected for a non-renewable term of nine years.
Jurisdiction
The Court has jurisdiction to decide complaints (“applications”) submitted by individuals and States concerning violations of the European Convention on Human Rights, which principally concerns civil and political rights. It cannot take up a case on its own initiative. Notably, the person, group or non-governmental organization submitting the complaint (“the applicant”) does not have to be a citizen of a State Party (47 )