Unit 6 - European Union Flashcards
It was created to ensure that banks are stronger and better supervised, and, should problems arise in the financial sector, to resolve, for example, restructure the banks more efficiently.
Banking Union
Groups together the 27 EU Member States and 3 European Free Trade Association (EFTA) countries (Iceland, Liechtenstein and Norway) in a single market subject to the same rules.
European Economic Area (EEA)
Executive branch of the EU. Established in 1957, currently composed of 27 Commissioners, including its President. It acts in the EU’s general interest.
European Commission
Binding legal act that either may be of general application or may have a specific addressee. It is part of the EU’s secondary law, which derives from the principles set out in the treaties (primary).
Decision
A country is granted this status by the European Council on the basis of an opinion from the European Commission, drawn up following the country’s application for EU membership.
Candidate country
It is created when a group of countries join together to apply the same rates or import duties on goods from the rest of the world.
Customs Union
Its role is to provide the impetus, general political directions and priorities for the EU’s development. Consists of the Heads of State, together with its President and President of the Commission.
European Council
Consists of the founding Treaties (primary legislation) and the legal acts that the EU institutions adopt (secondary legislation: regulations, directives, decisions, recommendations and opinions).
EU law
Legal act adopted by the EU institutions addressed to the EU Member States and is binding as to the result to be achieved. A directive is part of the EU’s secondary law.
Directive
Under this fundamental principle of EU law, the EU acts only within the limits of the competences that EU countries have conferred upon it in the Treaties.
Conferral
The body of common rights and obligations that are binding on all EU countries, as EU Members. It is constantly evolving and comprises declarations and resolutions adopted by the EU.
Acquis
Legal procedure whereby parties can request the Court of Justice of the European Union (CJEU) to rule on the legality of EU acts.
Annulment
It helps people, businesses and organizations facing problems with the EU’s administration by investigating complaints about maladministration by EU institutions and bodies.
Ombudsperson
They are documents published by the European Commission to stimulate discussion on given topics at European level.
Green papers
It is one of the five types of legal act that the EU institutions can adopt. The four other types of legal acts are regulations, directives, decisions and recommendations. The first three are binding, but opinions and recommendations are non-binding.
Opinion
