The European Union and the euro

The European Union • The purpose: to protect and strengthen the rights and interests of its

members • It has economic and political policies, laws and institutions

Political objectives

• Education• Foreign affairs and security• Home affairs and justice• Culture• Fishing • Transport

• The environment• Agriculture• Health• Customs• Human rights• Employment

For example: to improve the infrastructure in between member states

Economic objectives• Trade• Budgets• Enterprise• Competition• The single market

For example: to create jobs and promote economic growth

EU symbols

The euro – the currency of the Eurozone

EU flagThe European anthem (Ode to Joy)

EU institutions Council of the EU• The legislative body of

the EU• Passes laws, approves

budgets, signs agreements with non-EU countries

European Council• The strategic body

of the EU• Discusses the

political direction and strategy of the EU but has no powers to make laws

European Commission• The executive body

of the EU• Draws up proposals

for new laws and spends EU funds

In Brussels (Belgium)

European Parliament• the legislative body • The members are

directly elected by EU citizens• In Strasbourg (France)

Court of Justice of the EU• the highest court in the EU• Ensures that all member

states apply EU laws the same way• In Luxembourg

(Luxembourg)

European Court of Auditors• An audit agency• Investigates how EU tax

payers´money is invested and presents audits to the Commission

• In Luxembourg

The euro• Introduced in 2002• 7 banknotes (from €5 to €500), 8 coins (from 1 cent to €2)• The notes look the same but the other side of the coins is country-specific)

Euro facts• The name ‘’euro’’ was chosen by the European Council in a meeting in

Madrid in 1995• The symbol € is based on a Greek letter • the two bars across the middle - a symbol of stability• The notes have watermarks, holograms and security threads to stop

criminals from making counterfeit money

Adopting the euro• The countries of the EU usually adopt the single currency• The European Central Bank (ECB in Germany) is responsible for

maintaining price stability in the Eurozone

A single market• It means that most of the trade barriers have been removed• A single currency is one of the steps towards a single market• The single market in Europe began in 1986• One common law (concerning trade)

How does a single market work???

• All goods are produced according to the same standards• All products meet the same technical specifications