Saturday, March 23, 2024

European Parliament

by Hideo Nakamura
European Parliament

European Parliament

The European Parliament is the directly elected parliamentary institution of the European Union (EU). It consists of 751 Members of the European Parliament (MEPs) who are elected by citizens in all 28 EU states. The main role of the European Parliament is to represent its constituents and pass legislation that affects their lives, from trade agreements to environmental protection laws.

History
The roots of today’s democratic union can be traced back to 1952 when six countries – Belgium, France, Italy, Luxembourg, Netherlands and West Germany created a supranational body called the ‘European Coal & Steel Community’. This was followed by other treaties such as Rome Treaty which formed what we now know as The European Economic Community or EEC in 1957. In 1979 direct elections were held for members representing each country within this community; these MEPs then voted on legislative issues affecting Europe collectively. Over time more countries joined this union leading us to current day where there are currently 751 MEPs serving 513 million people across 28 member countries!

Functions
The primary function carried out by the chamber is lawmaking: proposing new regulations that affect areas like environment policy or consumer rights at a pan-European level. Every five years it also elects an executive branch known as ‘the Commission’ which forms part of government and has control over budgets etc.. Representation wise they act as an important source for lobbying interests both inside and outside Brussels – acting on behalf national governments right through local companies with vested interests in certain policies. Other responsibilities include monitoring activities undertaken by other branches such as running public consultations prior to making decisions about particular topics/issues relating specifically too those regions affected most i e fisheries off Scottish coast would be under purview here before being approved elsewhere .

Impact on Cryptocurrency Regulation As cryptocurrencies become increasingly popular around world many have been asking how will EU regulate them? Currently no specific regulatory framework exists yet still due largely lack reliable data available regarding risks associated with digital assets but could change soon given recent news coming out Europarliamentarians’ committee tasked investigate potential regulation cryptocurrency-related services marketplace platforms exchanges etc… With increasing pressure from industry representatives surrounding legal status virtual currencies recent vote taken place saw majority favor creating clear guidelines regulating crypto space thus protecting investors while simultaneously allowing innovation flourish so watch this space see if any real changes come into effect near future !

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