The Treaty of Maastricht created the European Union (EU).
The Council Of Ministers
The Council of Ministers is made up of ministers who represent each of the EU member states. The Council of Ministers makes the final legal decisions on important issues based, mainly, on proposals from the European Commission. The Council represents the interests of the various national governments. Since the implementation of the Maastricht Treaty, the European Parliament also plays a part in the law-making process.
The presidency of the EU rotates every six months, in alphabetical order of country. The country which holds the EU presidency also presides over the Council of Ministers for that period.
The European Commission
The European Commission is the institution responsible for ensuring that the measures in the Treaties are carried out. Members of the European Commission are nominated for a five year term of office by each member state. The UK traditionally appoints one commissioner from the government and another from the opposition. The president of the European Commission is appointed by the government of member states. The European Commission is based in Brussels.
The European Parliament
The European Parliament is composed of publicly elected members from each member state. Elections are held every five years. The European Parliament is divided into political rather than national groupings, for example, the Socialist Group, the Christian Democratic Group and the Green Group. MEPs choose which group they wish to belong to.
The European Ombudsman can investigate maladministration in the activities of the European community institutions and bodies. These bodies include the European Commission, the Council of the European Union and the Court of Justice.
The Ombudsman will try to find a solution through conciliation to put matters right and satisfy the complainant. If the attempt at conciliation fails the European Ombudsman can make recommendations to the institution to solve the case. If the institution does not accept the Ombudsman’s recommendations, the Ombudsman can make a special report on the matter to the European parliament.
European Commission: Approved Bulgaria Funding Request For Some Of Its Biggest Banks
The Bulgarian Banking System
The European Commission stressed that the banking system of Bulgaria is fundamentally sound. It has high level of liquidity when compared to other banking institutions in other member states. However, the country has taken extra precautionary measures to increase its liquidity and to better safeguard its financial system.
Bulgaria’s central bank has taken over the Corporate Commercial Bank, which is the fourth largest lender in Bulgaria, which followed by a run on deposits. Other depositors rushed to withdraw their savings from the First Investment Bank, which is the third largest bank in the country. This has urge all state institutions to work hand in hand to protect the financial stability of the country and at the same time take legal actions against the spreading malicious rumours about the current condition of banking institutions in Bulgaria.
European Commission: Conducts Economic Assessment And Gives Country Specific Recommendations
The European Commission has recommended different ways to boost the socio-economic condition of their member countries. The recommendations are of a mixed bag and if you want to know the highlights of those recommendations, then keep on reading below.
The French economy is a bit damning. The measures given by the fiscal consolidation isn’t enough to make sure that the country will be able to meet its economic target. There are areas of the French government wherein the socialist government will not be pleased. The commission also stressed the cost of French labour stating that the firm’s profitability has reduced. The European Commission highlighted the current flaws in the economy of French particularly the government’s lack of strategy.
The report of the Commission stressed that Germany should improve its condition to support domestic demand by simply reducing high taxes and the contributions to social security, especially for people with low wage. The Commission also asked the country to come up with a more ambitious measure to stimulate competition, especially in the services sector, educations, infrastructure, and research.
The Commission is somewhat in doubt on the latest budget forecast of Italy stating that the budgetary targets are not supported by detailed measures. By coming up with a detailed budget measures, the domestic debate between Matteo Renzi; Italian prime minister and his critics will be revived.
The European Commission suggested that Spain should reinforce their 2014 budgetary strategy and that the country should thoroughly specify the underlying measures for 2015 and beyond.
The Facts About European Commission Budget
In 2011, the EU’s budget was € 140 billion, which is actually not enough when compared with the total national budget of the 27 EU member states. So, basically the average EU citizen is only paid 67 cents daily to finance the yearly budget in 2010. As a matter of fact, the EU budget is smaller than the budget intended to the medium-sized member state such as Belgium and/or Austria.
Looking At The EU Budget In A More Detailed Way
Some people think that the commission has the highest budget, but in reality it is not. In fact, the EU budget is always balanced. The national budget continues to increase its spending. Who decides the EU budget? Well, the yearly EU budget is decided by the elected politicians both in the European Council and the European Parliament. The EU Commission proposed a Multiannual Financial Framework, which will be adopted as per the democratic procedures.
How The European Commission Works?
The European Commission has all the rights to propose law for adoption by the EU Council and the European Parliament. The primary role of the commission is to make proposals that will meet its obligations under the EU treaties. Prior to making proposals, the European Commission will first consult its stakeholders. Basically, the stakeholders and the commission in general will assess the potential economic, environmental, and social impact of the proposal.
This would only mean that the commission has the ability to legislate if the said action is more effective at the European level than the national, local, and regional level. If it is for the greater good of all, then it is important to implement the agreed objectives. Once the legislation of the commission is adopted, the commission will then make sure that the legislation will be correctly applied by its member countries.
The Greater Interest Of The Commission
The European Commission represents the best interest of the commission as a whole. It encompasses the new legislation of the European Union Council and the European Parliament. Furthermore, it ensures that the laws governing the European Commission will be strictly and correctly implemented by the member countries. The term commission pertains to the 28 commissioners and the institution as a whole.