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Global Economy
Glossary of European Economic and Monetary Union (EMU) terms
European
Economic Community (EEC):
Also known as the Common Market, established by the Treaty of Rome
in 1957.
European
Monetary Institute (EMI): Created by the Maastricht Treaty
to carry out preparatory work for EMU; dissolved with the establishment
of the European Central Bank.
European
Parliament: Advises the European Commission and reviews all
legislative proposals; members are elected by popular vote.
European
System of Central Banks (ESCB): Responsible for conducting monetary
policy for the economic and monetary union (EMU). The ESCB consists
of the European Central Bank and the national central banks of all
15 EU members. The ESCB is governed by the decision-making bodies
of the ECB.
European
Central Bank (ECB): The central bank for the economic and
monetary union. The decision-making bodies of the ECB are the
Governing Council and the Executive Board.
Executive
Board: Responsible for the day-to-day functioning of the
ECB and the implementation of the single monetary policy.
Governing
Council: Consists of the Executive Board of the ECB and
the governors of the national central banks of the states participating
in EMU. Responsible for the formulation of a single monetary
policy.
National
central bank (NCB): The individual central banks of countries
in the European Union.
European
Community (EC): Consists of the European Coal and Steel Community,
the European Atomic Energy Community and the European Economic Community.
The EC became the European Union when the Maastricht Treaty took
effect on November 1, 1993.
European
Union (EU): Established by the Maastricht Treaty to deepen economic
and political links between the countries of Europe.
Council
of Ministers: The primary decision-making institution of the
European Union; consists of ministerial-level representatives
of all EU states.
European
Council: The name given to the Council of Ministers when
it meets in the form of EU heads of state or government.
ECOFIN:
The name given to the Council of Ministers when it meets
in the form of EU economics and finance ministers.
European
Commission: The executive branch of the European Union; responsible
for implementing the decisions of the Council of Ministers and
proposing new measures and directions for the EU.
Maastricht
Treaty: More formally, the Treaty on European Union; signed
in 1992 by the EU heads of state, it established the framework for
economic and monetary union in Europe.
Statute
of the European System of Central Banks and of the European Central
Bank: The statute, appended to the Maastricht Treaty, detailing
the structures and mandates of the ESCB and the ECB.
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