Mario Draghi OMRI is an Italian economist who has served as President of the European Central Bank since November 2011. He has served as Chairman of the Financial Stability Board from 2009 to 2011, Draghi previously worked at Goldman Sachs from 2002 until 2005 before becoming the governor of the Bank of Italy in December 2005, where he served until October 2011. In 2014 Draghi was listed as the 8th most powerful person in the world by Forbes, in 2015 Fortune magazine ranked him as the worlds second greatest leader. His father Carlo joined Banca dItalia in 1922, IRI and his mother, Gilda Mancini was a pharmacist. Mario is the first of three children, art historian, and Marcello, from 1984 to 1990 he was the Italian Executive Director at the World Bank. In 1991, at the initiative of the Minister Guido Carli, he became director of the Italian Treasury. During his time at the Treasury, he chaired the committee that revised Italian corporate and financial legislation and he is a former board member of several banks and corporations.
Draghi was chairman and managing director of Goldman Sachs International. He worked on the firms European strategy and development with major European corporations, after the revelation of off-market swaps used by Greece with the help of Goldman Sachs, he said he knew nothing about this deal and had nothing to do with it. He added that “the deals between the Greek government and Goldman Sachs had been undertaken before joining of. ”Draghi is a trustee at the Institute for Advanced Study in Princeton, New Jersey and at the Brookings Institution, in Washington, D. C. He is governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and it aims to promote international financial stability, improve the functioning of markets and reduce systemic risk through information exchange and international cooperation between supervisors. Draghi was frequently mentioned as a successor to Jean-Claude Trichet. On 13 February 2011 Wolfgang Münchau, associate editor of the Financial Times, a few days The Economist wrote that the next president of the world’s second-most-important central bank should be Mario Draghi.
On 20 April 2011 The Wall Street Journal reported that Wolfgang Schäuble, a few days the German newspaper Bild endorsed Draghi by defining him the most German of all remaining candidates. Contrary to previous reports about Frances position, on 25 April it was reported that President Nicolas Sarkozy saw Draghi as a full-fledged and an adequate candidate for the job. On 17 May 2011 the Council of the European Union – sitting as Ecofin – adopted a recommendation on the nomination of Draghi as President of the ECB. He was approved by the European Parliament and the ECB itself, Draghi began leading the Frankfurt-based institution when Trichets non-renewable eight-year term expired on 31 October 2011. Draghis term runs from 1 November 2011 to 31 October 2019, concerns were expressed during the candidacy about Draghis past employment at Goldman Sachs
Lithuania, officially the Republic of Lithuania, is a country in Northern Europe. One of the three Baltic states, it is situated along the shore of the Baltic Sea, to the east of Sweden. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, Lithuania has an estimated population of 2.9 million people as of 2015, and its capital and largest city is Vilnius. The official language, along with Latvian, is one of two living languages in the Baltic branch of the Indo-European language family. For centuries, the shores of the Baltic Sea were inhabited by various Baltic tribes. In the 1230s, the Lithuanian lands were united by Mindaugas, the King of Lithuania, and the first unified Lithuanian state, with the Lublin Union of 1569, Lithuania and Poland formed a voluntary two-state union, the Polish–Lithuanian Commonwealth. The Commonwealth lasted more than two centuries, until neighboring countries systematically dismantled it from 1772–95, with the Russian Empire annexing most of Lithuanias territory.
As World War I neared its end, Lithuanias Act of Independence was signed on 16 February 1918, in the midst of the Second World War, Lithuania was first occupied by the Soviet Union and by Nazi Germany. As World War II neared its end and the Germans retreated, Lithuania is a member of the European Union, the Council of Europe, a full member of the Eurozone, Schengen Agreement and NATO. It is a member of the Nordic Investment Bank, the United Nations Human Development Index lists Lithuania as a very high human development country. Lithuania has been among the fastest growing economies in the European Union and is ranked 21st in the world in the Ease of Doing Business Index, the first people settled in the territory of Lithuania after the last glacial period in the 10th millennium BC. Over a millennium, the Indo-Europeans, who arrived in the 3rd – 2nd millennium BC, mixed with the local population, the first written mention of Lithuania is found in a medieval German manuscript, the Annals of Quedlinburg, in an entry dated 9 March 1009.
Initially inhabited by fragmented Baltic tribes, in the 1230s the Lithuanian lands were united by Mindaugas, after his assassination in 1263, pagan Lithuania was a target of the Christian crusades of the Teutonic Knights and the Livonian Order. Despite the devastating century-long struggle with the Orders, the Grand Duchy of Lithuania expanded rapidly, by the end of the 14th century, Lithuania was one of the largest countries in Europe and included present-day Belarus and parts of Poland and Russia. The geopolitical situation between the west and the east determined the multicultural and multi-confessional character of the Grand Duchy of Lithuania, the ruling elite practised religious tolerance and Chancery Slavonic language was used as an auxiliary language to the Latin for official documents. In 1385, the Grand Duke Jogaila accepted Polands offer to become its king, Jogaila embarked on gradual Christianization of Lithuania and established a personal union between Poland and Lithuania. It implied that Lithuania, the fiercely independent land, was one of the last pagan areas of Europe to adopt Christianity, after two civil wars, Vytautas the Great became the Grand Duke of Lithuania in 1392.
During his reign, Lithuania reached the peak of its expansion, centralization of the state began
European Central Bank
The European Central Bank is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the worlds most important central banks and is one of the seven institutions of the European Union listed in the Treaty on European Union, the capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, the bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to price stability within the Eurozone. The ECB has, under Article 16 of its Statute, the right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand, the ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital.
Its capital is €11 billion held by the central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the population and GDP. Shares in the ECB are not transferable and cannot be used as collateral, the European Central Bank is the de facto successor of the European Monetary Institute. The EMI itself took over from the earlier European Monetary Co-operation Fund, the bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors. It was established on 1 June 1998, the first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. The French argued that since the ECB was to be located in Germany and this was opposed by the German and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by an agreement in which Duisenberg would stand down before the end of his mandate.
Trichet replaced Duisenberg as President in November 2003, there had been tension over the ECBs Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France and Italy, Spain demanded and obtained a seat. Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates, when the ECB was created, it covered a Eurozone of eleven members. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, on 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB
Optically variable ink
Optically variable ink is an anti-counterfeiting measure used on many major modern banknotes, as well as on other official documents. The ink displays two distinct colors depending on the angle the bill is viewed at, the United States fifty-dollar bill, for example, uses color shifting ink for the numeral 50 so that it displays copper at one angle and bright green in another. OVI is particularly useful as a measure as it is not widely available. One major manufacturer is a Swiss company called SICPA, additional suppliers include Sun Chemical and the Brazilian company Sellerink, located in São Paulo, Brazil. Color-shifting inks reflect various wavelengths in white light differently, depending on the angle of incidence to the surface, an unaided eye will observe this effect as a change of color while the viewing angle is changed. A color copier or scanner can copy a document only at one fixed angle relative to the document’s surface
Institutions of the European Union
The institutions of the European Union are the seven principal decision making bodies of the European Union. Institutions are different from agencies of the European Union, most EU institutions were created with the establishment of the European Community in 1958. Much change since has been in the context the shifting of the balance away from the Council. The role of the Commission has often been to mediate between the two or tip the balance, however the Commission is becoming more accountable to the Parliament, in 1999 it forced the resignation of the Santer Commission and forced a reshuffle of the proposed Barroso Commission in 2004. The development of the institutions, with changes from treaties. Some such as Tom Reid of the Washington Post said of the institutions that nobody would have designed a government as complex. The first institutions were created at the start of the 1950s with the creation of the ECSC, based on the Schuman declaration, at its core was an independent executive called the High Authority with supranational powers over the Community.
The laws made by the Authority would be observed by a Court of Justice in order to ensure they were upheld, during the negotiations, two supervisory institutions were put forward to counterbalance the power of the High Authority. The Common Assembly proposed by Jean Monnet to act as a monitor, the second was the Council of Ministers, pushed by the smaller states to add an intergovernmental element and harmonise national policies with those of the authority. In 1957 the Treaties of Rome established two, communities creating a market and promoting atomic energy co-operation. The three institutions shared the Court of Justice and the Parliament, however they had a separate Council and High Authority, the reason for this is the different relationship between the Commission and Council. The three communities were merged in 1967, by the Merger Treaty, into the European Communities. The institutions were carried over from the European Economic Community, under the Treaties of Rome, the Common Assembly was supposed to become elected.
However this was delayed by the Council until 1979, since it gained more powers via successive treaties. The Maastricht Treaty gave powers to the Council by giving it a key role in the two new pillars of the EU which were based on intergovernmental principles. The 2009 Lisbon Treaty brought nearly all areas under the codecision procedure. The rules for the distribution of seats in the parliament were changed to a formula system, the High Representative merged with the European Commissioner for External Relations and joined the Commission. The appointment of the Commission President became dependent upon the last EU elections, the Council of Ministers adopted more qualified majority voting and the European Council was made a distinct institution with a permanent president
Banknotes of the euro, the currency of the Eurozone, have been in circulation since the first series was issued in 2002. They are issued by the central banks of the Eurosystem or the European Central Bank. In 1999 the euro was introduced virtually, and in 2002 notes, the euro rapidly took over from the former national currencies and slowly expanded around the European Union. Denominations of the range from €5 to €500 and, unlike euro coins. The euro banknotes are pure cotton fibre, which improves their durability as well as giving the banknotes a distinctive feel and they measure from 120 by 62 millimetres to 160 by 82 millimetres and have a variety of colour schemes. The euro notes contain many complex security features such as watermarks, invisible ink, while euro coins have a national side indicating the country of issue, euro notes lack this. Instead, this information is shown by the first character of each notes serial number, according to European Central Bank estimates, in August 2016, there were approximately 19,417,000,000 banknotes in circulation around the Eurozone, worth approximately €1.1 trillion.
On 8 November 2012, the European Central Bank announced that the first series of notes would be replaced, Europa will feature in the new series. The euro came into existence on 1 January 1999, the euros creation had been a goal of the European Union and its predecessors since the 1960s. The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK, in 1999 the currency was born virtually, and in 2002 notes and coins began to circulate. It rapidly took over from the national currencies and slowly expanded around the rest of the EU. In 2009 the Lisbon Treaty formalised the Euros political authority, the Euro Group, Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015. There are seven different denominations of the euro banknotes — €5, €10, €20, €50, €100, €200 and €500 — each having a distinctive colour, the designs for each of them have a common theme of European architecture in various artistic eras.
The obverse of the banknote features windows or gateways while the reverse bears different types of bridges, the architectural examples are stylised illustrations, not representations of existing monuments. The 12 stars from the EU Flag are incorporated into every note, the euro banknote initial designs were chosen from 44 proposals in a design competition, launched by the Council of the European Monetary Institute on 12 February 1996. The winning entry, created by Robert Kalina from the Oesterreichische Nationalbank, was selected on 3 December 1996, the euro banknotes are pure cotton fibre, which improves their durability as well as giving the banknotes a distinctive feel. However, both Cyprus and Malta are depicted on the 2013 series note, on May 4,2016, the European Central Bank decided not to issue a 500 euro banknote for the Europa series. The banknote has the euro, but in three scripts, in Latin and Cyrillic script
Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe, one of the three Baltic states. It is bordered by Estonia to the north, Lithuania to the south, Russia to the east, Latvia has 1,957,200 inhabitants and a territory of 64,589 km2. The country has a seasonal climate. Latvia is a parliamentary republic established in 1918. The capital city is Riga, the European Capital of Culture 2014, Latvia is a unitary state, divided into 119 administrative divisions, of which 110 are municipalities and 9 are cities. Latvians and Livs are the people of Latvia. Latvian and Lithuanian are the two surviving Baltic languages. Despite foreign rule from the 13th to 20th centuries, the Latvian nation maintained its identity throughout the generations via the language and Estonia share a long common history. Until World War II, Latvia had significant minorities of ethnic Germans, Latvia is historically predominantly Protestant Lutheran, except for the Latgale region in the southeast, which has historically been predominantly Roman Catholic.
The Russian population has brought a significant portion of Eastern Orthodox Christians. The Republic of Latvia was founded on 18 November 1918, its de facto independence was interrupted at the outset of World War II. The peaceful Singing Revolution, starting in 1987, called for Baltic emancipation of Soviet rule and it ended with the Declaration on the Restoration of Independence of the Republic of Latvia on 4 May 1990, and restoring de facto independence on 21 August 1991. Latvia is a democratic and developed country and member of the European Union, NATO, the Council of Europe, the United Nations, CBSS, the IMF, NB8, NIB, OECD, OSCE, and WTO. For 2014, Latvia was listed 46th on the Human Development Index and it used the Latvian lats as its currency until it was replaced by the euro on 1 January 2014. The name Latvija is derived from the name of the ancient Latgalians, one of four Indo-European Baltic tribes, henry of Latvia coined the Latinisations of the countrys name and Lethia, both derived from the Latgalians.
The terms inspired the variations on the name in Romance languages from Letonia. Around 3000 BC, the ancestors of the Latvian people settled on the eastern coast of the Baltic Sea. The Balts established trade routes to Rome and Byzantium, trading local amber for precious metals, by 900 AD, four distinct Baltic tribes inhabited Latvia, Latgalians, Semigallians, as well as the Livonians speaking a Finnic language
Jean-Claude Trichet is a French civil servant, who was the president of the European Central Bank from 2003 to 2011. He is a member of the Board of Directors of the Bank for International Settlements, in 2008, Trichet ranked fifth on Newsweek’s list of the worlds most powerful along with economic triumvirs Ben Bernanke and Masaaki Shirakawa. Born in Lyon, Trichet was educated at the École des Mines de Nancy, in 1987 Trichet became a member of Washington-based financial advisory body, the Group of Thirty. Later, in 1993 he was appointed governor of Banque de France, on 1 November 2003 he replaced Wim Duisenberg as president of the European Central Bank. In April 2012, Trichet was appointed Bruegels new chairman for a period of three years and he will chair an 11-member Board, appointed by Bruegel’s members, whose main task is to make decisions on the think-tank’s strategy. Trichet succeeded Mario Monti as chairman of the European branch of the Trilateral Commission in 2012 and he is a member of the Steering Committee of the Bilderberg Group.
In January 2003, Trichet was put on trial with eight others charged with irregularities at Crédit Lyonnais, Trichet was in charge of the French treasury at that time. He was cleared in June 2003, which left the way clear for him to move to the ECB, within the European Central Bank, Trichet strongly resisted any contemplation of Greece defaulting on its debt. It was only in October 2011, with the end of his term imminent, former Minister for Finance Brian Lenihan had a loaded gun pointed in his ear when it came to the ECB letter sent to the Irish Government in 2010, a leading economist has said. Chief Economist of the world’s largest bond trading firm Pimco, Paul McCulley said the late Minister for Finance had very little choice when it came to the ECB’s letter to the Irish Government. The secret letter, sent on 19 November 2010, threatened to cut off all funding, the letter was sent by ECB President Jean Claude Trichet to the former Minister for Finance Brian Lenihan. He said the former Minister for Finance had no options when it came to the ECB threats in the letter and you do whatever you do when you have a gun in your ear – you hand over your wallet.
You are not suppose to feel good about it, but it is the logical and rational thing to do at that moment. After that moment passes, you had redress from the standpoint of I really don’t like the idea of having a firearm stuck in my ear, six years later, we are now seeing a picture of the firearm emerging. I assume there is an amount of indignation in this country. Speaking on Morning Ireland, Mr McCully said he couldn’t guess if the ECB was bluffing, “It is hard to know if they were bluffing because they no choice. Again my analogy of having a firearm in the ear is a fair one, the gun may have an empty gun but do you want to bet on it. ”He said that Ireland’s debt should be “extended and rolled so as to soften the blow of it”. It is understood there are three letters in the correspondence between Jean Claude Trichet and Brian Lenihan in October 2010 and November 2010
Fiber or fibre is a natural or synthetic substance that is significantly longer than it is wide. Fibers are often used in the manufacture of other materials, the strongest engineering materials often incorporate fibers, for example carbon fiber and ultra-high-molecular-weight polyethylene. Natural fibers develop or occur in the shape, and include those produced by plants, animals. Plant fibers are employed in the manufacture of paper and textile, wood fiber, distinguished from vegetable fiber, is from tree sources. Forms include groundwood, thermomechanical pulp, and bleached or unbleached kraft or sulfite pulps, animal fibers consist largely of particular proteins. Instances are silkworm silk, spider silk, catgut, sea silk and hair such as wool and angora, fur such as sheepskin, mink, beaver. Mineral fibers include the asbestos group, asbestos is the only naturally occurring long mineral fiber. Six minerals have been classified as asbestos including chrysotile of the serpentine class, fiber-like minerals include wollastonite and palygorskite.
Instances are collagen family of proteins, muscle proteins like actin, cell proteins like microtubules and many others, spider silk, man-made or chemical fibers are fibers whose chemical composition and properties are significantly modified during the manufacturing process. Man-made fibers consist of regenerated fibers and synthetic fibers, the earliest semi-synthetic fiber is the cellulose regenerated fiber, rayon. Most semi-synthetic fibers are cellulose regenerated fibers, cellulose fibers are a subset of man-made fibers, regenerated from natural cellulose. The cellulose comes from sources, rayon from tree wood fiber, Modal from beech trees, bamboo fiber from bamboo, seacell from seaweed. In the production of fibers, the cellulose is reduced to a fairly pure form as a viscous mass. Therefore, the process leaves few characteristics distinctive of the natural source material in the finished products. Some examples are, rayon bamboo fiber Lyocell, a brand of rayon Modal, cellulose diacetate and -triacetate were classified under the term rayon, but are now considered distinct materials.
Synthetic come entirely from materials such as petrochemicals, unlike those man-made fibers derived from such natural substances as cellulose or protein. Metallic fibers can be drawn from ductile metals such as copper, gold or silver and extruded or deposited from more brittle ones, such as nickel, carbon fibers are often based on oxydized and via pyrolysis carbonized polymers like PAN, but the end product is almost pure carbon. Silicon carbide fibers, where the polymers are not hydrocarbons but polymers
The eurozone, officially called the euro area, is a monetary union of 19 of the 28 European Union member states which have adopted the euro as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem, the other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in future. Other EU states are obliged to join once they meet the criteria to do so, no state has left, and there are no provisions to do so or to be expelled. Andorra, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. The ECB, which is governed by a president and a board of the heads of central banks. The principal task of the ECB is to keep inflation under control, the Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders form the Eurogroup. Since the financial crisis of 2007–08, the eurozone has established and used provisions for granting loans to member states in return for the enactment of economic reforms.
The eurozone has enacted some limited fiscal integration, for example in peer review of each others national budgets, the issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. In 1998 eleven member states of the European Union had met the euro convergence criteria, Greece qualified in 2000 and was admitted on 1 January 2001 before physical notes and coins were introduced on 1 January 2002 replacing all national currencies. Between 2007 and 2015, seven new states acceded, the 2012 data above of eurozone states were published by World Bank in May 2014. Latvia and Lithuania were not in the eurozone in 2012, the euro replaced the ECU1,1 at the exchange rate markets, on 1 January 1999. During 1979-1999, the D-Mark functioned as a de facto anchor for the ECU, the first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The next enlargements were to states which joined the EU in 2004, and joined the eurozone on 1 January in the noted, Cyprus, Slovakia, Latvia.
All new EU members joining the bloc after the signing of the Maastricht treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties, nine countries are EU members but do not use the euro. Before joining the eurozone, a state must spend two years in the European Exchange Rate Mechanism, as of January 2017, only the National Central Bank of Denmark participates in ERM II. Denmark and the United Kingdom obtained special opt-outs in the original Maastricht Treaty, both countries are legally exempt from joining the eurozone unless their governments decide otherwise, either by parliamentary vote or referendum. The other seven countries are obliged to adopt the euro in future and they should join as soon as they fulfil the convergence criteria, which include being part of ERM II for two years. Sweden, which joined the EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone, Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the 2008 financial crisis
Cotton is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus Gossypium in the family of Malvaceae. The fiber is almost pure cellulose, under natural conditions, the cotton bolls will tend to increase the dispersal of the seeds. The plant is a native to tropical and subtropical regions around the world, including the Americas, Africa. The greatest diversity of wild species is found in Mexico, followed by Australia. Cotton was independently domesticated in the Old and New Worlds, the fiber is most often spun into yarn or thread and used to make a soft, breathable textile. Current estimates for world production are about 25 million tonnes or 110 million bales annually, China is the worlds largest producer of cotton, but most of this is used domestically. The United States has been the largest exporter for many years, in the United States, cotton is usually measured in bales, which measure approximately 0.48 cubic meters and weigh 226.8 kilograms.
Cotton cultivation in the region is dated to the Indus Valley Civilization, the Indus cotton industry was well-developed and some methods used in cotton spinning and fabrication continued to be used until the industrialization of India. Between 2000 and 1000 BC cotton became widespread across much of India, for example, it has been found at the site of Hallus in Karnataka dating from around 1000 BC. Cotton fabrics discovered in a cave near Tehuacán, Mexico have been dated to around 5800 BC, the domestication of Gossypium hirsutum in Mexico is dated between 3400 and 2300 BC. Cotton was grown upriver, made into nets, and traded with fishing villages along the coast for supplies of fish. The Spanish who came to Mexico and Peru in the early 16th century found the people growing cotton and this may be a reference to tree cotton, Gossypium arboreum, which is a native of the Indian subcontinent. According to the Columbia Encyclopedia, Cotton has been spun, woven and it clothed the people of ancient India and China.
Hundreds of years before the Christian era, cotton textiles were woven in India with matchless skill, in Iran, the history of cotton dates back to the Achaemenid era, there are few sources about the planting of cotton in pre-Islamic Iran. The planting of cotton was common in Merv and Pars of Iran, in Persian poets poems, especially Ferdowsis Shahname, there are references to cotton. Marco Polo refers to the products of Persia, including cotton. John Chardin, a French traveler of the 17th century who visited the Safavid Persia, during the Han dynasty, cotton was grown by Chinese peoples in the southern Chinese province of Yunnan. Mohamed Ali Pasha accepted the proposition and granted himself the monopoly on the sale and export of cotton in Egypt, and dictated cotton should be grown in preference to other crops
The European Union is a political and economic union of 28 member states that are located primarily in Europe. It has an area of 4,475,757 km2, the EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished, a monetary union was established in 1999 and came into full force in 2002, and is composed of 19 EU member states which use the euro currency. The EU operates through a system of supranational and intergovernmental decision-making. The EU traces its origins from the European Coal and Steel Community, the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. While no member state has left the EU or its antecedent organisations, the Maastricht Treaty established the European Union in 1993 and introduced European citizenship. The latest major amendment to the basis of the EU. The EU as a whole is the largest economy in the world, additionally,27 out of 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme.
In 2012, the EU was awarded the Nobel Peace Prize, through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7, because of its global influence, the European Union has been described as an emerging superpower. After World War II, European integration was seen as an antidote to the nationalism which had devastated the continent. 1952 saw the creation of the European Coal and Steel Community, the supporters of the Community included Alcide De Gasperi, Jean Monnet, Robert Schuman, and Paul-Henri Spaak. These men and others are credited as the Founding fathers of the European Union. In 1957, France, Luxembourg, the Netherlands and West Germany signed the Treaty of Rome and they signed another pact creating the European Atomic Energy Community for co-operation in developing nuclear energy. Both treaties came into force in 1958, the EEC and Euratom were created separately from the ECSC, although they shared the same courts and the Common Assembly.
The EEC was headed by Walter Hallstein and Euratom was headed by Louis Armand, Euratom was to integrate sectors in nuclear energy while the EEC would develop a customs union among members. During the 1960s, tensions began to show, with France seeking to limit supranational power, Jean Rey presided over the first merged Commission. In 1973, the Communities enlarged to include Denmark, Norway had negotiated to join at the same time, but Norwegian voters rejected membership in a referendum