Flashcards: European Union: Foundations and Institutions — 16 cards

EU's economic ranking?

Third largest economy globally.

European Union — definition?

A political and economic union of European countries.

Single Market — purpose?

Facilitates free movement of goods, services, people, capital.

European Parliament — role?

Represents citizens and shares legislative power.

European Commission — composition?

27 Commissioners, one from each member state.

High Representative — main role?

Oversees EU's foreign and security policy.

Court of Justice — function?

Ensures uniform EU law application.

European Court of Auditors — role?

Audits EU budget revenue and expenditure.

Treaty of Rome — year?

1957.

Maastricht Treaty — year?

1992.

Harmonisation — meaning?

Aligning rules and standards across member states.

Qualified Majority Voting — threshold?

55% of states, 65% of population.

European Central Bank — function?

Conducts monetary policy for eurozone.

European Court of Auditors — purpose?

Audits EU finances and provides opinions.

European Parliament — election?

Directly elected by EU citizens.

European Commission — initiative?

Has exclusive right to propose EU legislation.