The European Union is an economic and political union of 27 independent sovereign countries, with almost 500 million citizens. The EU is a single market that generates an estimated 30% share of the value of the world’s goods and services.
The European Council is not legally an institution of the European Union. It is more a summit meeting of the heads of state or government, including the President of the EU Commission. However adoption of the Lisbon Treaty will make it an official institution, with a president elected for two and a half years.
The EESC is the only consultative body at European Union level that gives the Commission, the Council and the Parliament the points of view of the people most directly affected by EU legislation.
The Council of Europe is not part of the European Union but an international organisation in its own right, founded in 1949.
The Council of the European Union forms the other half of the EU's legislature, with the Parliament. It also co-ordinates the broad economic policies of the Member States.
The Court of Justice, together with the national courts, is the European Community’s judiciary.
The Court of Auditors publishes objective reports and opinions for European citizens in all the official EU languages.
The EU Banks are the European Investment Bank Group, consisting of the European Investment Bank and the European Investment Fund, and the EU Central Bank that deals with the Eurozone of 16 countries.
The European Commission acts as the EU's executive arm and is responsible for initiating legislation, upholding treaties and the day-to-day running of the EU. It is intended to act solely in the interest of the EU as a whole.
The Committee of the Regions is a consultative body composed of 344 representatives of regional and local governments.
Agencies are specialised and decentralised bodies that have been established to support the EU Member States and their citizens. These agencies are located all over the EU.
The EU had an agreed budget of €120.7 billion for the year 2007 and €864.3 billion for the period 2007-2013. That is only around 1% of the EU members’ Total Gross National Incomes.
The 736 seat European Parliament is the only directly elected body of the EU. The Members of the European Parliament (MEPs) are elected every five years.