Forex Glossary

European Parliament

The European Parliament is one of the institutions of the European Union (EU). It represents the citizens of the EU’s member countries, acting as their voice in decision-making.

 What makes it stand out is that it’s the only directly elected body in the EU, which I find interesting because it gives ordinary people a chance to influence EU policies by voting for their representatives. 

These representatives, known as Members of the European Parliament (MEPs), work to ensure that the opinions and interests of citizens are heard and considered in shaping the future of the EU.

Functions 

1. Passing Laws

The Parliament collaborates with the Council of the European Union to discuss, amend, and approve laws that apply across all member states. This shared responsibility ensures that laws are balanced and represent the needs of diverse countries.

2. Budget Oversight

 It decides how the EU’s budget is allocated. From funding research and infrastructure projects to supporting economic development policies, the Parliament ensures that resources are used effectively and transparently.

3. Supervision

The Parliament keeps an eye on the EU’s activities and policies. It has the authority to hold other EU institutions accountable, ensuring decisions are fair, transparent, and in the best interests of its citizens.

Who Leads the European Parliament?

The European Parliament is led by a President, who is elected by the MEPs. The President’s responsibilities include:

Chairing Meetings: They oversee debates and ensure that discussions run smoothly.

Representing the Parliament: The President acts as the Parliament’s face in discussions with other EU bodies and at international events.

Ensuring Rule Compliance: They ensure that the rules of procedure are followed during meetings and debates.

I think this role is incredibly important because it keeps the Parliament organized and ensures that its work is carried out efficiently.

European Parliament City

While the European Parliament operates in multiple locations, its main sessions are held in Strasbourg, France. This city holds symbolic importance as a historical bridge between nations, representing peace and unity in Europe.

In addition to Strasbourg, the Parliament also has offices in Brussels, Belgium, for committee meetings, and Luxembourg, for administrative tasks.

For me, this multi-city setup reflects the cooperative spirit of the EU, showcasing how different countries come together to achieve shared goals.

By distributing its work across these cities, the Parliament not only represents the diversity of Europe but also ensures that its activities are inclusive and far-reaching.

Headquarters of the European Parliament

The European Parliament’s main administrative headquarters is located in Brussels, Belgium, where most of its committee meetings, discussions, and daily activities take place.

When I think about it, it’s impressive to realize how many decisions that influence millions of Europeans are made within this city.

Brussels, often referred to as the heart of the European Union, is a hub for collaboration and policymaking.

Difference Between the European Parliament and the European Commission

While the European Parliament and the European Commission both play vital roles in the EU, their responsibilities are quite distinct:

  • European Parliament: Acts as the legislative body, representing the citizens of Europe. Its primary role is to debate, amend, and pass laws.
  • European Commission: Functions as the executive arm of the EU, responsible for proposing new laws, implementing decisions, and managing EU policies.

In simpler terms, I see the Parliament as the voice of the people, where opinions and concerns are discussed, and the Commission as the action team, making sure those ideas are turned into reality.

Three Powers of the European Parliament

1. Legislative Power: It reviews and approves laws proposed by the Commission, ensuring they align with the needs of EU citizens.

2. Budgetary Power: It decides how the EU’s money is spent, ensuring funds are allocated to initiatives that benefit the union as a whole.

3. Supervisory Power: The Parliament oversees other EU institutions and can hold them accountable. For instance, it has the power to dismiss the European Commission if necessary.

How Is the European Parliament Elected?

The European Parliament is different because it is directly elected by the citizens of EU member countries. 

Elections are held every five years, where people vote for their representatives, known as Members of the European Parliament (MEPs).

I think this is one of the most democratic aspects of the EU, as it gives ordinary citizens the power to influence decision-making on a large scale. 

Which Country Has the European Parliament?

The European Parliament is not tied to a single country; instead, its activities are spread across multiple locations:

  • Strasbourg, France: Hosts the Parliament’s monthly plenary sessions where important debates and votes take place.
  • Brussels, Belgium: The hub for committee meetings and political discussions.
  • Luxembourg: Home to the administrative offices that support the Parliament’s work.

 

 

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