11-01-2024 15:20 International Business Law
International Business Law
The supremacy of the EU law is based on the
idea that where a conflict occurs between an
What is supremacy of EU law and how is that aspect of the EU law and national law (law by an
made concrete by EU law? EU Member State) the EU law will prevail.
(overcome) → EU law is directly applicable and
directly effective
The European Commission has the rights to
propose new laws and policies. They monitor
their implementation and manage the EU
budget, they also play a role in supporting the
What is the European Commission and how international development and deliver aid. The
does it work only institution that can submits laws for
approval by the Parliament and the Council.
When its approved they will come together with
the court of justice to ensure that the EU law is
correctly applied in all Member States.
What is the European Council and how does it The European Council: is composed of the
work? Is there a difference with the European heads of state or government of the EU member
Council of Ministers states, as well as the President of the European
Council and the President of the European
Commission. No power in adopting laws, but are
influential for shaping the EU institutions Such
as the European Comission and European
Parliament, They discuss and agree on important
policy issues.
The Council of Ministers: is made up of
ministers from the governments of the EU
member states. is responsible for making
decisions and adopting legislation in areas
where the EU has the power to act shares the
power to adopt new EU laws with the European
Parliament through the ordinary legislative
procedure, also known as the co-decision
https://knowt.com/flashcards/433e066d-a648-4c88-8689-41b89faab37d 1/13
, 11-01-2024 15:20 International Business Law
procedure. They can take decisions on these
topics:
1. Coordinating member states’ policies in
specific fields
2. Economic and fiscal policies
3. Education, culture, youth and sport
4. Employment policy
= The main difference between the European
Council and the Council of Ministers is that (the
COM) a say has in the laws.
The only directly elected institution of the
European Union it represents the people of the
EU.
Key role in the election of the president of the
What is the European Parliament and how does European Commission. Shares power of the EU
it work budget and legislation together with the Council
of the EU.
Based Brussels, Luxembourg and Strasbourg.
It has a powerful role in shaping and overseeing
EU law.
The co-decision procedure is a legislative
process that allows the European Parliament and
the Council of the European Union to share
equal powers in decision-making. This means
that both institutions have to agree on the
Explain the co-decision procedure and which content of a proposal before it can become law.
treaty implemented this procedure? Is this In my opinion, the co-decision procedure is
procedure democratic to your opinion democratic because it involves two institutions
representing different groups of EU citizens and
member states in the legislative process. It
allows for a more balanced decision-making
process, and it increases the accountability of
the EU decision-making to the citizens of the EU.
The Eurozone considers the 20 countries that
uses the euro as (€) their official currency. A
monetary union. Benefits: using a common
What is the Eurozone and how does it function
currency used in the other Eurozone countries, it
also provides stable prices, and a better working
internal European market.
https://knowt.com/flashcards/433e066d-a648-4c88-8689-41b89faab37d 2/13
International Business Law
The supremacy of the EU law is based on the
idea that where a conflict occurs between an
What is supremacy of EU law and how is that aspect of the EU law and national law (law by an
made concrete by EU law? EU Member State) the EU law will prevail.
(overcome) → EU law is directly applicable and
directly effective
The European Commission has the rights to
propose new laws and policies. They monitor
their implementation and manage the EU
budget, they also play a role in supporting the
What is the European Commission and how international development and deliver aid. The
does it work only institution that can submits laws for
approval by the Parliament and the Council.
When its approved they will come together with
the court of justice to ensure that the EU law is
correctly applied in all Member States.
What is the European Council and how does it The European Council: is composed of the
work? Is there a difference with the European heads of state or government of the EU member
Council of Ministers states, as well as the President of the European
Council and the President of the European
Commission. No power in adopting laws, but are
influential for shaping the EU institutions Such
as the European Comission and European
Parliament, They discuss and agree on important
policy issues.
The Council of Ministers: is made up of
ministers from the governments of the EU
member states. is responsible for making
decisions and adopting legislation in areas
where the EU has the power to act shares the
power to adopt new EU laws with the European
Parliament through the ordinary legislative
procedure, also known as the co-decision
https://knowt.com/flashcards/433e066d-a648-4c88-8689-41b89faab37d 1/13
, 11-01-2024 15:20 International Business Law
procedure. They can take decisions on these
topics:
1. Coordinating member states’ policies in
specific fields
2. Economic and fiscal policies
3. Education, culture, youth and sport
4. Employment policy
= The main difference between the European
Council and the Council of Ministers is that (the
COM) a say has in the laws.
The only directly elected institution of the
European Union it represents the people of the
EU.
Key role in the election of the president of the
What is the European Parliament and how does European Commission. Shares power of the EU
it work budget and legislation together with the Council
of the EU.
Based Brussels, Luxembourg and Strasbourg.
It has a powerful role in shaping and overseeing
EU law.
The co-decision procedure is a legislative
process that allows the European Parliament and
the Council of the European Union to share
equal powers in decision-making. This means
that both institutions have to agree on the
Explain the co-decision procedure and which content of a proposal before it can become law.
treaty implemented this procedure? Is this In my opinion, the co-decision procedure is
procedure democratic to your opinion democratic because it involves two institutions
representing different groups of EU citizens and
member states in the legislative process. It
allows for a more balanced decision-making
process, and it increases the accountability of
the EU decision-making to the citizens of the EU.
The Eurozone considers the 20 countries that
uses the euro as (€) their official currency. A
monetary union. Benefits: using a common
What is the Eurozone and how does it function
currency used in the other Eurozone countries, it
also provides stable prices, and a better working
internal European market.
https://knowt.com/flashcards/433e066d-a648-4c88-8689-41b89faab37d 2/13
