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European Stability Mechanism
The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was established on 27 September 2012 as a permanent firewall for the eurozone, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion. It has replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Overview The Treaty Establishing the European Stability Mechanism stipulated that the organization would be established if member states representing 90% of its capital requirements ratified the founding treaty. This threshold was surpassed with Germany's completion of the ratification process on 27 September 2012, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxembourg City
Luxembourg ( lb, Lëtzebuerg; french: Luxembourg; german: Luxemburg), also known as Luxembourg City ( lb, Stad Lëtzebuerg, link=no or ; french: Ville de Luxembourg, link=no; german: Stadt Luxemburg, link=no or ), is the capital city of the Luxembourg, Grand Duchy of Luxembourg and the Communes of Luxembourg, country's most populous commune. Standing at the confluence of the Alzette and Pétrusse rivers in southern Luxembourg, the city lies at the heart of Western Europe, situated by road from Brussels, from Paris, and from Cologne. The city contains Luxembourg Castle, established by the Franks in the Early Middle Ages, around which a settlement developed. , Luxembourg City has a population of 128,514 inhabitants, which is more than three times the population of the country's second most populous commune (Esch-sur-Alzette). The city's population consists of 160 nationalities. Foreigners represent 70% of the city's population, whilst Luxembourgers represent 30% of the populat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Czech Republic
The Czech Republic, or simply Czechia, is a landlocked country in Central Europe. Historically known as Bohemia, it is bordered by Austria to the south, Germany to the west, Poland to the northeast, and Slovakia to the southeast. The Czech Republic has a hilly landscape that covers an area of with a mostly temperate continental and oceanic climate. The capital and largest city is Prague; other major cities and urban areas include Brno, Ostrava, Plzeň and Liberec. The Duchy of Bohemia was founded in the late 9th century under Great Moravia. It was formally recognized as an Imperial State of the Holy Roman Empire in 1002 and became a kingdom in 1198. Following the Battle of Mohács in 1526, the whole Crown of Bohemia was gradually integrated into the Habsburg monarchy. The Protestant Bohemian Revolt led to the Thirty Years' War. After the Battle of White Mountain, the Habsburgs consolidated their rule. With the dissolution of the Holy Empire in 1806, the Cro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Court Of Justice
The European Court of Justice (ECJ, french: Cour de Justice européenne), formally just the Court of Justice, is the supreme court of the European Union in matters of European Union law. As a part of the Court of Justice of the European Union, it is tasked with interpreting EU law and ensuring its uniform application across all EU member states under Article 263 of the Treaty of the Functioning of the European Union (TFEU). The Court was established in 1952, and is based in Luxembourg. It is composed of one judge per member state – currently – although it normally hears cases in panels of three, five or fifteen judges. The Court has been led by president Koen Lenaerts since 2015. The ECJ is the highest court of the European Union in matters of Union law, but not national law. It is not possible to appeal against the decisions of national courts in the ECJ, but rather national courts refer questions of EU law to the ECJ. However, it is ultimately for the national court ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EU Law
European Union law is a system of rules operating within the member states of the European Union (EU). Since the founding of the European Coal and Steel Community following World War II, the EU has developed the aim to "promote peace, its values and the well-being of its peoples". The EU has political institutions, social and economic policies, which transcend nation states for the purpose of cooperation and human development. According to its Court of Justice the EU represents "a new legal order of international law".''Van Gend en Loos v Nederlandse Administratie der Belastingen'' (1963Case 26/62/ref> The EU's legal foundations are the Treaty on European Union and the Treaty on the Functioning of the European Union, currently unanimously agreed on by the governments of 27 member states. New members may join if they agree to follow the rules of the union, and existing states may leave according to their "own constitutional requirements".TEart 50 On the most sophisticated disc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Council
The European Council (informally EUCO) is a collegiate body that defines the overall political direction and priorities of the European Union. It is composed of the heads of state or government of the EU member states, the President of the European Council, and the President of the European Commission. The High Representative of the Union for Foreign Affairs and Security Policy also takes part in its meetings. Established as an informal summit in 1975, the European Council was formalised as an institution in 2009 upon the commencement of the Treaty of Lisbon. Its current president is Charles Michel, former Prime Minister of Belgium. Scope While the European Council has no legislative power, it is a strategic (and crisis-solving) body that provides the union with general political directions and priorities, and acts as a collective presidency. The European Commission remains the sole initiator of legislation, but the European Council is able to provide an impetus to guid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicolas Sarkozy
Nicolas Paul Stéphane Sarközy de Nagy-Bocsa (; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012. Born in Paris, he is of Hungarian, Greek Jewish, and French origin. Mayor of Neuilly-sur-Seine from 1983 to 2002, he was Minister of the Budget under Prime Minister Édouard Balladur (1993–1995) during François Mitterrand's second term. During Jacques Chirac's second presidential term he served as Minister of the Interior and as Minister of Finances. He was the leader of the Union for a Popular Movement (UMP) party from 2004 to 2007. He won the 2007 French presidential election by a 53.1% to 46.9% margin against Ségolène Royal, the Socialist Party (PS) candidate. During his term, he faced the financial crisis of 2007–2008 (causing a recession, the European sovereign debt crisis), the Russo-Georgian War (for which he negotiated a ceasefire) and the Arab Spring (especially in Tunisia, Libya, and Syria). He initiated th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
President Of France
The president of France, officially the president of the French Republic (french: Président de la République française), is the executive head of state of France, and the commander-in-chief of the French Armed Forces. As the presidency is the supreme magistracy of the country, the position is the highest office in France. The powers, functions and duties of prior presidential offices, in addition to their relation with the Prime Minister of France, prime minister and Government of France, have over time differed with the various constitutional documents since the French Second Republic, Second Republic. The president of the French Republic is the ''Ex officio member, ex officio'' Co-Princes of Andorra, co-prince of Andorra, grand master of the Legion of Honour and of the Ordre national du Mérite, National Order of Merit. The officeholder is also honorary proto-canon of the Archbasilica of Saint John Lateran in Rome, although some have rejected the title in the past. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treaty Of Lisbon
The Treaty of Lisbon (initially known as the Reform Treaty) is an international agreement that amends the two treaties which form the constitutional basis of the European Union (EU). The Treaty of Lisbon, which was signed by the EU member states on 13 December 2007, entered into force on 1 December 2009.eur-lex.europa.eu: " Official Journal of the European Union C 115 Volume 51, 9 May 2008, retrieved 1 June 2014 It amends the (1992), known in updated form as the Treaty on European Union ...
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European Financial Stability Mechanism
The European Financial Stabilisation Mechanism (EFSM) is an emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of the European Union as collateral. It runs under the supervision of the Commission and aims at preserving financial stability in Europe by providing financial assistance to member states of the European Union in economic difficulty. The Commission fund, backed by all 27 European Union member states, has the authority to raise up to €60 billion. The EFSM is rated AAA by Fitch, Moody's and Standard & Poor's. The EFSM has been operational since 10 May 2010. Programmes Irish programme Under the programme agreed between the Eurozone and the government of Ireland, the EFSM wil provide loans of 22.4 billion euros between 2010 and 2013. As of January 2012 the EFSM had provided 15.4 bn. Further funds have also been provided through the EFSF Portuguese programme Under the program ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Sovereign Debt Crisis
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The eurozone crisis was caused by a balance-of-payments crisis, which is a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks. The Governing Council of the European Central Bank, ECB Governing Council makes the projects for the monetary policy for the European Union with suggestions and recommendations and to the Eurozone with more direct applications of such policies, it also administers the foreign exchange reserves of EU member states in the Eurozone, engages in foreign exchange operations, and defines the intermediate monetary aims and objectives, and also the common interest rates for the EU. The Executive Board of the European Central Bank, ECB Executive Board makes policies and decisions of the Governing Council, and may give direction to the national central banks, especially when doing so for the Eurozone central ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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