- The EU traces its origin from the European Coal and Steel Community and European Economic Community formed by Belgium, France, Italy, Luxemburg, the Netherlands and West Germany countries in 1951 and 1958 respectively.
- The Maastricht treaty established the EU in 1993 and introduced European citizenship.
- The union develops permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20.
- London is the capital of England and also the capital of the UK.
- Britain is an area that consists of England and the country of Wales.
- Great Britain is the name of the island that is home to the countries of England, Wales and Scotland.
- The UK is a country that is a union of countries on the island of Great Britain, along with the country of Northern Ireland (which shares the island of Ireland with the Republic of Ireland)
- The Republic of Ireland is a separate country and is not a part of the UK.
- The EU was awarded the Nobel Prize for peace in 2012, in recognition of the organization’s effort to promote peace and democracy in Europe.
- European Parliament- It is the only parliamentary institution of the European Union (EU) that is directly elected by EU citizens aged 18 years or older.
- European Council- It is a collective body that defines the European Union's overall political direction and priorities.
- European Commission- It is an executive body of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU.
- The Treaty of Lisbon
BREXIT:
- Brexit is the short form of Britain Exiting the European Union (EU).
- People of the United Kingdom in a historic Brexit referendum have voted in favor of leaving the European Union.
- In the Brexit referendum the ‘leave’ side won decisively by securing 51.9%if the total voters overturning the ‘remain’ side which secured 48.1% votes.
- This is the second referendum on the UK’s relationship with the EU, the first one in 1975.
- Referendum- A general vote by the electorate on a single political question which has been referred to them for a direct discussion.
BRITISH REFERENDUM RESULTS:
The UK has voted to leave the European Union. Scotland and Northern Ireland voted to remain but Britain and Wales elected to leave. Its departure may encourage other countries to reconsider their membership in the bloc.
REASON FOR UK TO LEAVE EU:
- Migration from smaller EU nations threatened the local job market.
- Sovereignty issue that EU institutions have drained power from the British Parliament.
- Inability to sign trade agreements with developing powers such as India and China.
- Security threat posed by free movement policy.
- Heavy membership fee to cover up EU crisis and membership crisis.
IMPACT ON UK:
PROS:
- Better trade negotiations.
- Revival of local job markets.
- Membership fee to the EU can be spent on revival of local industries.
CONS:
- Around 40% trade with the EU will suffer.
- Fall of British Pound and associated impact.
- Capital flight and loss as a base for EU business.
- Open up Scotland question once again.
Credits:Leo RajaLakshmi
