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From Europe to Euro

Explore the concepts of the EU, economic integration, intergovernmentalism vs. supranationalism, history, and the widening and deepening of economic integration. Discover the role of the European Commission, Parliament, Council, and Court of Justice in decision-making. Learn about the treaties, the Euro, and the challenges faced by the EU in the 21st century.

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From Europe to Euro

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  1. From Europe to Euro Elisabeth Prugl, Co-Director Miami-Florida European Union Center of Excellence

  2. What is the EU? • State? • International Organization? • Economic Union

  3. Outline of Presentation • Concepts • Economic Integration • Intergovernmentalism vs. Supranationalism • History • Widening and Deepening

  4. Economic Integration • Free Trade Area • Free movement of goods and services • Custom’s Union • Common external tariff • Common Market • Free movement of capital and labor • Economic Union • Common policies (including monetary policy)

  5. Integration with strong state control Every state should be allowed veto Integration with supra-national institutions There should be majority voting Intergovernmentalism Supranationalism

  6. Decision-making European Commission European Parliament Council of the EU

  7. Commission • “Guardian of the Treaty” • Proposes legislation • Executive • 27 Commissioners and Bureaucracy in Brussels

  8. Parliament • Directly elected by European citizens (875 members) • With the Council, passes legislation

  9. Council • Ministers from member states • Main decision-making body • Rotating presidency

  10. Court of Justice • Ensures that European laws are interpreted and applied correctly and uniformly

  11. History

  12. European Coal and Steel Community (ECSC) • 1951 • Heavy industry (coal and steel) put under European management • Creates institutions

  13. Treaties of Rome • 1957 • European Economic Community (EEC) • Envisions customs union, common market • “Ever closer union” • European Atomic Energy Community (EURATOM)

  14. 1960s • Completion of Customs Union • Development of Common Agricultural Policy • Reintroduction of veto (Charles De Gaulle)

  15. 1970s • First Enlargement • 1973 • Denmark, Ireland, United Kingdom • “Eurosclerosis”

  16. 1980s: Widening and Deepening • Mediterranean Enlargement • 1981: Greece • 1986: Spain, Portugal • EU 12 • Single European Act

  17. Single European Act • 1986 • “Relance” • 1992 deadline for the completion of the common market • Eliminate physical, technical, fiscal barriers • Introduces qualified majority voting in the Council

  18. 1989 • Fall of Berlin Wall • Prospect of unifying all of Europe • German unification (1990) • “hidden enlargement”

  19. 1990s: Deepening and Widening • Maastricht Treaty (1993) • “Treaty of European Union” • Monetary Union (Euro) • Political Union (common foreign and security policy) • More power to the parliament • Difficult process of ratification • Enlargement: Austria, Sweden, Finland join the EU in 1995

  20. EU 15

  21. The Euro • Convergence Criteria • 1999: Euro launched as unit of account for 11 member states • 2002: Euro notes and coins replace national currencies in 12 member states

  22. Deepening and Widening the 21st Century • Enlargements: • Eastern enlargement adds 12 new countries (2004 and 2007) • Effort to write constitutional treaty – problems with ratification • Treaty of Lisbon 2007 • Change in voting • “Foreign Minister” • Voted down in Ireland

  23. EU vs. Euro Area • Euro area:Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain. • EU Member States obliged to adopt the euro eventually: Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Sweden. • EU Member States with an opt out from adopting the euro: Denmark, United Kingdom.

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