Legal Foundations of the European Union Essay Example | Topics and Well Written Essays - 1750 words

Legal Foundations of the European Union - Essay Example ented by the Luxembourg veto – the right of a state whose interests is at stake in a Commission proposal to invoke its veto power – which then became the usual scapegoat of Member States out of an EC legislative proposal. In addition, the EC expansion from six to nine members as well as the worldwide recession in 1974 contributed to the stalling of the European integration. However, the EC integration was not totally stopped as the community spirit continued to linger in some form or another. The European Political Cooperation was eventually established, European Community meetings became regular and the elections to the European Parliament began taking place. In 1986, the Single European Act (SEA) was passed – a historical watershed in the European integration – where the then 12-member states committed themselves, among others, to become one common economic market.1 On December 10, 1991, the Treaty of European Union also known as the Treaty of Maastricht was passed and this treaty introduced three important policies into the EU: monetary policy; fiscal policy, and; structural adjustment policy. It amended and extended the earlier Treaty of Rome with respect to the areas covered by the EC like the creation of a central banking system called the European System of Central Banks and paved the way for the creation of a new currency, the ECU, for the region.2 From then on, European integration was well on its way albeit the emergence of certain obstacles along the way like the rejection France and the Netherlands of the Constitutional Treaty in 2005 and recently,3 by the non-ratification of the Lisbon Treaty by the Irish Republic citizens in a public referendum.4 On October 29, 2004, the Treaty establishing a Constitution for Europe was signed but as earlier stated it met a tragic fate as the countries of France and Netherlands failed to ratify the same and since ratification by all member countries was sine qua non to its existence, the treaty was therefore