By Alex Wright & Nick Dartizio European Union

What is The European Union? The EU is a unique economic and political partnership between 28 European countries. In 1958 the European Economic Community (EEC) was formed initially to increase economic co- operation between Belgium, Germany, France, Italy, Luxembourg and the Netherlands. In 1993 what started as purely an economic union evolved into an organization of political and economic union.

When Was the European Union Formed? In 1958 the European Economic Community was formed, but on November 1st, 1993 the EEC became what is now the European Union.

What is the Purpose of the EU? In 1958 shortly after WW2, the EEC was formed initially to increase economic co-operation between Belgium, Germany, France, Italy, Luxembourg and the Netherlands. The fundamental purpose of the European Union is to promote greater social, political and economic harmony among the nations of Western Europe.

Who Are The Members of The EU? The members of the EU are the 28 countries as follows: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and The United Kingdom.

How is The EU Funded? The EU funds 99% of its own income. Budget is also supplemented by other sources of the union’s revenue. They are not allowed to exceed 1.23% of their own Gross National Income. The remaining 1% of budget revenue comes from other sources of income.

History of the European Union In 1952, the creation of the European Coal and Steel Community was declared to be a first step in the federation of Europe, preventing the possibility of future wars. In 1957, the Treaty of Rome was signed by 6 countries to create the EEC, eventually establishing a customs union.

History of The European Union In 1965, The Merger Treaty was signed. This treaty combined the ECSC, Euratom and the EEC. In 1989, the Berlin Wall collapsed allowing the European Union to expand further.

Current Events Involving The EU November 13, 2014: The United Kingdom is currently threatening to leave the European Union if the EU countries do not help the UK limit immigration. This separation is very real and could potentially damage Europe and the UK. EU countries are currently coming up with a solution to support the UK’s immigration issues. Plans will be released by Christmas to curb the rights of EU migrants to work in the UK.

Advantages of The EU Broad Political and Legal Benefits: European Union countries are no longer at loggerheads like they were in the past. Economic Benefits: U is one of strongest economic areas in the world. With 500 million people, it has 7.3% of the world's population, but accounts for 23% of nominal global GDP. Labour and Free Movement of People: Free movement of labour and capital have helped create a more flexible economy. Environmental Benefits of the EU: In 2006, the (EU) committed to reducing its global warming emissions by at least 20 percent of 1990 levels by 2020. Consumer Benefits of the EU: EU competition policy has harmonised regulation of monopoly and cartel power within Europe.

Disadvantages of The EU Cost: The costs of EU membership to the UK is £15bn gross (0.06% of GDP) – or £6.883 billion net. Inefficient policies: A large percentage of EU spending goes on the Common Agricultural Policy. Problems of the Euro: Membership of the EU doesn’t necessarily mean membership of the Euro. Pressure towards Austerity: Since 2008, many southern European countries have faced pressure from the EU to spending cuts that meet budget deficit targets, but in the middle of a recession these austerity measures have contributed to a prolonged economic stasis.

Study Sheet The EU is a unique economic and political partnership between 28 European countries. In 1958 the European Economic Community was formed, but on November 1st, 1993 the EEC became what is now the European Union. The fundamental purpose of the European Union is to promote greater social, political and economic harmony among the nations of Western Europe.