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Of all the multinational market groups, none is more secure in its cooperation or more important economically than the European Union. Exhibit 10.3 demonstrates the timeline dating from 1951 for the European Coal and Steel Industry to the Monetary Union in 2007. * * From its beginning, the EU has made progress toward achieving the goal of complete economic integration and, ultimately, political union. But it had to deal with language and cultural differences, individual national interests, political differences, and centuries-old restrictions designed to protect local national markets. Through it all, the EU has come out successful. Although complete integration has not been achieved, the final outcome of full economic and political integration seems more certain now. * Three legal instruments are used in the EU. They are: regulations binding the member states directly and having the same strength as national laws, directives also binding the member states but allowing them to choose the means of execution, and decisions addressed to a government, an enterprise, or an individual binding the parties named. Over the years, the EU has gained an increasing amount of authority over its member states. * European Union institutions are: The European Commission (supervises executions of laws and policies), The Council of Ministers (decision making body), The European Parliament (amend and adopt legislation; also has extensive budgetary powers), and The European Court of Justice (judicial – passing judgments on the interpretation of points on the EU law). * It established the parameters of the creating of a common currency for the EU, the “Euro” and established a timetable for its implementation. In 2002, a central bank was established, conversion rates were fixed, circulation of Euro bank notes and coins was completed and the legal tender status of participating members’ bank notes and coins was cancelled. Beginning January 1, 2001, Austria, Belgium, Finland, France,
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