All You Need to Know About EEC

All You Need to Know About EEC

European Economic Community, abbreviated as EEC by abbreviationfinder, English European Economic Community [j ʊ ərə pi ː ən i ː kə n ɔ m ɪ k kə mju ː n ɪ t ɪ ], abbreviation EEC [i ː i ː si ː ], French Communauté Économique Européenne [k ɔ myno te ek ɔ n ɔmik ør ɔ pe εn], abbreviation CEE [seə e], by the Treaty of Rome (EEC Treaty, the Treaty of Rome), signed on 25. 3. 1957 between Belgium, the Federal Republic of Germany, France, Italy, Luxembourg and the Netherlands established a supranational community for the purpose of economic integration. The EEC Treaty came into force on January 1, 1958 and is valid for an unlimited period. With the Treaty establishing the European Union, whichcame into force on November 1, 1993, the EEC became the European Community (EC) renamed to document that their goals go beyond mere economic integration. With the entry into force of the Lisbon Treaty on December 1, 2009, the EC was transferred to the EU.

The establishment of the common market (European internal market) can be seen as the first stage of integration; The second stage is an economic policy carried out according to uniform criteria, which is intended to accompany the third stage of integration, the monetary union (European Economic and Monetary Union, abbreviation EMU) with a common currency and monetary policy. From July 1, 1967 to November 30, 2009, the EEC / EC was part of the European Communities (EG). It was also their most important sub-organization, as it was not limited to certain economic areas. By joining Denmark, Great Britain and Ireland on January 1, 1973, Greece on January 1, 1981, Spain and Portugal on January 1, 1986, Finland, Austria and Sweden on January 1, 1995 as well as Estonia, Latvia and Lithuania, Malta, Poland, the Slovak Republic, Slovenia, the Czech Republic, Hungary and Cyprus on May 1, 2004, and Bulgaria and Romania on January 1, 2007, the EC had grown considerably in economic and political importance.

European banking union

Banking union, banking union, English European Banking Union [j ʊ ərə pi ː ən bæ ŋ k ɪ ŋ ju ː njən],Term that describes various measures to not only support the European banking sector in the short term, but also to restore its stability in the long term. The aim is to fundamentally strengthen the European Economic and Monetary Union. Following on from the Commission’s proposals, a general distinction is made between three pillars of the European Banking Union: 1. common banking supervision, 2. common rules for the resolution of banks, and 3. common deposit insurance, which is intended to replace the national guarantee systems.

Member states of the banking union are all countries of the euro zone; the member states of the EU that do not belong to the euro zone can join voluntarily.

European banking union

Banking union, banking union, English European Banking Union [j ʊ ərə pi ː ən bæ ŋ k ɪ ŋ ju ː njən], designated term, the various measures to the European banking sector to support not only short term but long term, its stability restore. The aim is tofundamentally strengthenthe European Economic and Monetary Union. Building on the Commission’s proposals, a general distinction is made between three pillars of the European Banking Union:

  1. a common banking regulator;
  2. common rules for the resolution of banks;
  3. a common deposit insurance.

Member states of the banking union are all countries of the euro zone; the member states of the EU that do not belong to the euro zone can join voluntarily.

Common Banking Supervision: In 2013, the negotiators of the European Parliament, the Council and the Commission agreed on a legal basis for a common banking supervision, the Unified banking supervision mechanism (English Single Supervisory Mechanism, abbreviation SSM). Then one takes over at the European Central Bank (ECB) in the participating countries controls every bank with total assets of more than € 30 billion or more than 20% of the economic strength of its home country (»systemically important banks«). Regardless of these conditions, the ECB directly controls at least the three most important banks in each participating country. After the differences between the ECB and the European Parliament on accountability had been resolved, Parliament passed the Banking Supervision Act on September 12, 2013. On October 15, 2013, the EU finance ministers finally approved this legal basis. A supervisory body to which each participating country sends a representative is responsible for the tasks of banking supervision. If the Governing Council does not accept the Supervisory Board’s proposals, it is up to a mediation committee to resolve these disputes. This is to ensure that the final decision does not lie with the Governing Council and that monetary policy responsibility and supervision are clearly separated. The banking supervisory authority began its work on November 4, 2014. In preparation for this, a comprehensive assessment took place, the results of which the ECB published on October 26, 2014 (Stress test).

EEC European Economic Community

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