Political Economy of the European Union Essay Example | Topics and Well Written Essays - 2000 words - 1

Political Economy of the European Union - Essay Example states, assuring the  Ã¢â‚¬Ëœfreedom of movement of people, goods, services and capital’.  It preserves a common trade policy,  agricultural and  fisheries  policies,  and a regional development policy.  Fifteen member states have implemented a common currency, the  euro. It has build up a role in  foreign policy, and represents its members in the  World Trade Organization, at  G8  summits and at the  United Nations. Twenty-one EU nations are part of  NATO. It has also taken up a responsibility in justice and home affairs, which includes the elimination of passport control between many member nations under the  Schengen Agreement. (Alan, 2007) The EU functions through a hybrid mechanism of  intergovernmentalism  and  supranationalism. In particular areas it relies on agreement among the member states. However, it also possesses supranational bodies, thus is competent to make judgments without agreement between each and every national governments. Among the prominent institutions and bodies of the EU are the  European Commission, the  European Parliament, the  Council of the European Union, the  European Council, the  European Court of Justice,  and the  European Central Bank. In every five years, the Parliament is elected by the EU citizens. Origins of the EU go back to the formation of the  European Coal and Steel Community,  formed among six countries in 1951 and the  Treaty of Rome  in 1957. Thereafter the EU has expanded in size via accession of new associate states, and in authority by adding new policy areas to its remit. (Richard, 2006) Subsequent to the  Second World War, efforts made towards European integration were viewed as a get away approach from the intense forms of nationalism, which had ravaged the continent.  The  formation of the European Coal and Steel Community was among one such attempt to bring together Europeans. While having the unassuming aim of federal control of the formerly national coal and steel industries of its member nations, it