tradeandinvestmentregimes.docVIP

trade and investment regimes Institutional Framework There have been no substantive changes to the institutional framework of the European Communities in the period under review. The main decision-making bodies remain: the Council of the European Union (commonly called the Council), the European Parliament (EP), and the Commission of the European Communities (commonly called the European Commission). The Commission is the executive body of the EC and in this capacity, proposes legislation to Parliament and the Council; manages and implements EC policies and budget; enforces EC law (together with the Court of Justice); and represents the EC in negotiations on trade and cooperation agreements. The Council passes EC laws; approves the ECs budget (jointly with Parliament); takes decisions concerning common foreign and security policy; adopts measures on police and judicial cooperation in criminal matters; coordinates broad economic policies among Member States; and concludes international agreements to which the EC is a party. Meanwhile, Parliament exercises supervision over all EC institutions, and shares (with the Council) the power to legislate and approve the EC budget. These three institutions are complemented by the European Court of Justice; the European Ombudsman, and the European Court of Auditors. The Court of Justice adjudicates on issues under EC law. It settles legal disputes between Member States, institutions, businesses, and individuals, and gives rulings on cases brought before it. Most of the cases fall into one of four classes: references for a preliminary ruling; actions for failure to fulfil an obligation; actions for annulment; and actions for failure to act. The Ombudsman receives complaints from EC citizens, or from natural or legal persons residing or having their legal domicile in a Member State, and helps uncover maladministration in EC institutions and bodies. The Ombudsman carries out investigations following a complaint or on his