EU TARGETS CHINA IN NEW COMPETITION RULES

EU TARGETS CHINA IN NEW COMPETITION RULES

The European Union wants tougher rules to thwart heavily – subsidised foreign companies, especially Chinese ones, from taking over European firms, officials said

Economic shock caused by the corona virus pandemic has accelerated he plans, with widespread concern that foreigner companies could swoop in and buy European firms weakened by the recession

The European Union (EU): Political and economic union of 27 member states that are located primarily in Europe

EU policies aim to ensure the free movement of people, goods, services and capital within the internal market, enact legislation in justice and home affairs and maintain common policies on trade, agriculture, fisheries and regional development

EU traces its origins to the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), established, respectively, by the 1951 Treaty of Paris and 1957 Treaty of Rome

European Union has grown from the six founding states (Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands) to the current 27

Two territories have left the Union: Greenland (an autonomous province of Denmark) withdrew in 1985; the United Kingdom formally invoked Article 50 of the Consolidated Treaty on European 

Union in 2017, and became the only sovereign state to leave when it withdrew from the EU in 2020

EU has often been described as a sui generis political entity

EU and European citizenship were established when the Maastricht Treaty came into force in 1993

To become a member, a country must meet the Copenhagen criteria, defined at the 1993 meeting of the European Council in Copenhagen. Article 50 of the Lisbon Treaty provides the basis for a member to leave the Union

European Union has 24 official languages 

European Commission conducts its internal business in three procedural languages: English, French, and German. Court of Justice of the European Union uses French as the working language, while the European Central Bank conducts its business primarily in English

European Union has seven principal decision-making bodies, its institutions: European Council, which sets the general political directions and priorities of the Union by gathering together its member states' heads of state/government. European Commission, the only institution empowered to propose legislation, serves as the "Guardian of the Treaties". It consists of an executive cabinet of public officials, led by an indirectly elected President. Council of the European Union brings together ministers of member states governments' departments. It serves to represent the various governments directly and its approval is required for any proposal to enter into law. European Parliament consists of 705 directly elected representatives. It shares with the Council of the EU equal legislative powers to amend, approve or reject Commission proposals for most areas of EU legislation. It elects the Commission's president, must approve the College of Commissioners, and may vote to remove them collectively from office. Court of Justice of the European Union ensures the uniform application of EU law and resolves disputes between EU institutions and member states, and against EU institutions on behalf of individuals. European Central Bank is responsible for monetary stability within member states. European Court of Auditors investigates the proper management of finances within both the EU entities and EU funding provided to its member states.