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8.1
EU (European Union)
The
European Union is also known as European Common Market and European
Economic Community and is by far the most successful of the regional
economic integrated schemes. It is a family unit of the democratic
European countries which are dedicated to work together for harmony
and richness. It is more than any international organisation which is
meant not for replacing the existing states. The member states have
set up ordinary organizations to which they pass on some of their
control so that the judgment on specific matters of combined welfare
can be made democratically at the European level. It was projected by
the French Foreign Minister Robert Schuman in a speech on 9 May 1950.
On this day the European Union came into existence and is celebrated
as the Europe Day.

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8.1.1
Objectives of EU
The
main objectives of EU are explained below:

Removal
of all obstacles in between the member countries regarding the man
power capital and service for trade promotion.

All
member countries work together on single agricultural policy.

All
member countries work together on single transportation policy.

Develop
such a policy which can promote healthy competition among the member
countries.

Coordination
among the member nations for economic policy and reforms for balance
of payments.

Motivate
members to work as union for trade development.

To
coordinate single monetary policy establishes advisory board.

Establishment
of European investment funds.

All
nations will have equal relation with member nations.

Trade
among member nation will improve by eliminating restrictions.

Tax
rates and labour conditions would be equal among member countries.

The
five EU institutions which play specific role are as follows:

European
Parliament (elected by the people of member states)

Council
of the European Union (representing the governments of member
states)

European
Commission (driving force and executing body)

Court
of Justice (ensuring compliance with the law)

Court
of Auditors (controlling sound and lawful management of EU budget)

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