European Union

The European Union is a political and economic union, which before the Brexit-Split had 28 members. The Union currently has 27 member states, after the United Kingdom split in 2017. The EU has developed an internal, single-market, as guided by standardized laws governing the 27-member states.

Free movement of people, goods, transportation, services, and capital is the primary goal behind the EU policies within its internal market system. Policies also aim to maintain common trade policies between member-states, enact legislation, and maintain common policies on agriculture, regional development, and fisheries. The Euro Currency which was established in 1999 and became effective in 2002, is made up of 19 member-states which rely on the internal currency for transactional purposes.

The European Union originally comprised of six states, which were coined the title of the Inner Six. These nations were: Luxembourg, France, Belgium, West Germany, Italy, and the Netherlands. The accession of new member states has helped the EU grow in both size and power. The European Union was established under the Maastricht Treaty and introduced to European citizenship in 1993.

The EU has often been touted as an emerging superpower. In 2012 it received the Nobel Peace Prize, and the EU has had a strong hand in establishing roles in external defense and relations under the Common Foreign and Security Policy. The Union represents diplomatic missions worldwide, representing itself at the World Trade Organization, or (WTO), G7 and G20 summits and the United Nations.

Because it covers such a broad range of member states, the European Union has 24 official languages which it recognizes. All important documents, including legislation, are translated into these languages. Most of the institutions in the EU, including the European Court of Justice and European Central Bank, conduct internal business relying on ‘procedural languages’ to cover the languages spoken by a majority of the member states.

Supranational and intergovernmental decision making in the EU is governed by a hybrid-system. The EU Directives promulgate policy, and then implemented into domestic legislation for member states. There are 7 principle decision making bodies in the EU, which are: the European Council, European Commission, Court of Justice of the European Union, Council of the European Union, European Parliament, European Central Bank, and the European Court of Auditors. The current President of the European Council is Donald Tusk.

In 2016 the EU economy had a GDP of $20 trillion international dollars. Energy, agriculture, banking, and infrastructure, are among the leading economic-drivers of the EU. The Union is soon to be governed under the General Data Protection Regulation (GDPR) after the Brexit-split. This will replace the Data Protection Directive 95/46/EC which previously governed data privacy throughout the member states.

The National Law Review covers news from the EU, including financial banking from MiFID and MiFID II after the Brexit-split. The latest details on member states, governance, the economy, and how the Union will be maintain relations with the UK, are also covered on the National Law Review. Visitors will always find the latest stories, news, legislation, and litigation coming from the European Union. And, with new details on GDPR, and upcoming legislation changes being released daily, the National Law Review provides readers with the latest.

Custom text Title Organization
Jan
12
2016
Current Status of Clearing Obligation Under EMIR - European Market Infrastructure Regulation Morgan, Lewis & Bockius LLP
Jan
12
2016
Conflict Minerals — For European Companies That Haven’t Started Process, Here’s How To Build Your Compliance Program Squire Patton Boggs (US) LLP
Jan
11
2016
ESMA Publishes Consultation Guidelines on MiFIR Katten
Jan
11
2016
European Union Publishes Implementing Directive on Whistleblowing Under Market Abuse Katten
Jan
9
2016
EU Strengthens Global Data Protection Regulations: Steps You Can Take Now to Ensure Compliance von Briesen & Roper, s.c.
Jan
8
2016
European Union Single Resolution Mechanism is Operational Katten
Jan
8
2016
New EU Novel Foods Regulation: Step Towards Simpler and Faster Procedure? Covington & Burling LLP
Jan
7
2016
Trade Secrets Directive Firmly Back on EU agenda Squire Patton Boggs (US) LLP
Jan
7
2016
Key EU Parliamentary Committee Votes to Adopt the General Data Protection Regulation Mintz
Jan
6
2016
EU Policy Update for January 2016 Covington & Burling LLP
Jan
5
2016
EU Finalizes Text of New General Data Protection Regulation Polsinelli PC
Jan
4
2016
Cheaper EU Trade Marks Available from March 2016 Squire Patton Boggs (US) LLP
Jan
3
2016
Contractual Recognition of Bail-In – Are You Ready? - EU Bank Recovery and Resolution Directive Cadwalader, Wickersham & Taft LLP
Jan
2
2016
Update on the EU’s Proposed Regulation on Securitisation and its Potential Impact on US Market Participants Cadwalader, Wickersham & Taft LLP
Dec
31
2015
Eye on the EU: EFSA Data Warehouse Keller and Heckman LLP
Dec
29
2015
What US Companies Need to Know About New EU Data Protection Rules Katten
Dec
26
2015
Structuring Aircraft Investments with Luxembourg Securitisation Undertakings Vedder Price
Dec
26
2015
European Union ETS Update: Aviation Emissions Making Headlines Ahead of Another Important Political Crossroads Vedder Price
Dec
24
2015
Primer on EU General Data Protection Regulation: What You Need to Know Proskauer Rose LLP
Dec
23
2015
New EU Data Protection Regime Set to Have Big Impact Morgan, Lewis & Bockius LLP
Dec
23
2015
New EU Data Protection and Cybersecurity Laws Finalised Morgan, Lewis & Bockius LLP
Dec
18
2015
New EU Data Protection Regulation Close to Adoption Faegre Drinker
Dec
18
2015
European Union: General Data Protection Regulation Text Approved Proskauer Rose LLP
Dec
18
2015
European Commission Adopts Circular Economy Package Covington & Burling LLP
Dec
17
2015
European Parliament’s Civil Liberties, Justice and Home Affairs (LIBE) Committee Votes in Favor of EU’s General Data Protection Regulation Covington & Burling LLP
Dec
17
2015
EU Officials (Finally) Agree on New Data Protection Regulation Proskauer Rose LLP
Dec
16
2015
General EU Data Protection Regulation in Bullet Points Mintz
Dec
16
2015
Political Agreement on EU General Data Protection Regulation – Start of New EU Privacy Era? Covington & Burling LLP
Dec
16
2015
EU'S Principle of Mutual Recognition Not Always Understood or Applied Correctly to Food-Contact Materials, Report Finds Keller and Heckman LLP
Dec
16
2015
EMIR Mandatory Clearing Will Start On 21 June 2016 Squire Patton Boggs (US) LLP
Dec
12
2015
Ban on Short Selling Shares of Five Greek Banks Extended Katten
Dec
12
2015
New EU Cybersecurity Rule Means Additional Compliance Obligations for Critical Infrastructure and Tech Companies Polsinelli PC
Dec
11
2015
EU Announces Agreement on New Cybersecurity Directive Katten
Dec
11
2015
ESMA Publishes Updated Q&A on AIFMD Katten
Dec
10
2015
Biologics and Biosimilars Bits and Bytes – December 10, 2015 Michael Best & Friedrich LLP
Dec
10
2015
It’s Senate’s Move for EU-US Data Transfers Morgan, Lewis & Bockius LLP
Dec
9
2015
Change Gathers Pace – Europe’s Plans for Tax Transparency and Common Tax Base Covington & Burling LLP
Dec
9
2015
European Institutions Reach Agreement on EU Cybersecurity Rules Covington & Burling LLP
Dec
9
2015
EU Policy Update for December 2015 Covington & Burling LLP
Dec
6
2015
European Commission Publishes its 6th Report on the Monitoring of Patent Settlements Covington & Burling LLP
Dec
5
2015
European Parliament Publishes Press Release on Delay to MiFID II Implementation Katten
Dec
4
2015
Clearing To Commence in European Union in June 2016 Katten
Dec
4
2015
EU / US Closer to Safe Harbor Replacement, Says EU Official Jackson Lewis P.C.
Dec
4
2015
Compliance Alert: EU/U.S. Safe Harbor Arrangement Governing Employee Data Transfers Deemed Invalid Vedder Price
Dec
2
2015
The EU – Turkey summit of 29 November 2015 : A “Re-Energised” Relationship Covington & Burling LLP
Nov
24
2015
Legal Developments in EU Food and Beverage Sector Squire Patton Boggs (US) LLP
Nov
20
2015
ESMA Publishes MiFID II Delay Analysis Katten
Nov
20
2015
ESMA Issues Public Statement on Collateralization of Bank Guarantees for Energy Derivatives Katten
Nov
18
2015
Dangerous Waters in Safe Harbor: EU-U.S. Safe Harbor for Data Transfer is Safe No More Bracewell LLP
Nov
17
2015
In Offering Reassurances on Data Transfer Pact, EU Signals Increased Risks for US Companies Polsinelli PC
 

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