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Class notes International Business & European Law EU Law, ISBN: 9780198856641
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Global Business Law Lecture 1Law / Ethics
Trias Politica
1. Executive
2. Legislative
3. Judiciary
What are Ethics?
● Definition: Moral principles that govern a person's behaviour or the conducting of an
activity.
● How you should act
● Act different
● Morality
● Aristotle: Virtue ethics
○ Do good no matter what
● Kant: Deontology
○ As in the bible, do unto others as you would wish others would unto you
● John Stuart Mill: Utilitarianism
○ The right way to go is the way that will bring the greatest happiness to the
majority of people, without causing harm to others
● Both Kant and Mill use the no harm principle
What is Law?
● Definition: The system of rules which a particular country or community recognizes as
regulating the actions of its members and which it may enforce by the imposition of
penalties.
Lecture 2/3 Notes: EU / Treaty of Lisbon
Purpose of the EU:
- Peace & prosperity
- Safety & security
- Economic & social solidarity
- Working more closely together to promote the European model of society
,EU Faxs:
● EU has 28 countries
● 24 official Languages
● 19 Euro Countries
● Aprox. 500 mil. Population
What is the EU?
● A vehicle set up by the Member State to reach common goals (Art. 1 EU-Treaty)
● A way to develop a closer bond between the nations of Europe (art. 1 EU-Treaty)
● “No more war” (Nobelprize for Peace 2012)
● Embedding Germany
● “Unidentified political object”
● Continuation of the Roman Empire
● “Non-imperial Empire”
● Union of citizens and democratic states, that itself forms a democracy
,EU Membership Requirements:
● Every European state which observes the values mentioned in art. 2
and commits to articulate those, can request to become a member
of the Union (art. 49 EU Treaty).
● Copenhagen criteria (community of values)
○ Constitution (human rights)
● Functioning market economy
● Adopt the Acquis Communautaire (body of EU law)
○ Body of European law (basic treaty for the functioning of EU, plus any secondary
law made by counsel made over the last 60-70 years)
● State has to be in Europe
Institutions:
● European Parliament: voice of the people
● Council of the European Union: voice of the MS
● European Commission: promotes common interest
● Court of Justice of the European Union: the rule of law*
● Court of Auditors: getting value for your money
● European Economic and Social Committee: voice of civil society
● Committee of the Regions: local perspective
● European Central Bank: a stable currency
● European Investment Bank: lending a helping hand
Decision Making Bodies:
European Commission:
-28 Commissioners: Pres. Claude Juncker
-Implementation of EU policies and Budget
-Right of Initiative
European Parliament:
-751 Members
-Adoption of EU Laws and Budget
-Democratic Scrutiny
Council of Ministers:
-28 Ministers who represent member states
-Conclusion of Intl. Agreements
Stages of Economic Cooperation:
1. Free trade area
2. Customs union
Free movement of products
3. Common market
Free movement of products, capital, and services
4. Economic and monetary union (EU)
, 5. Political union (virtually impossible, but similar to the States in the USA)
The Euro - A single currency for Europeans
Why the Euro?
● No fluctuation risk and foreign exchange cost
● More choice and stable prices for consumers
● Closer economic cooperation between EU countries
Can be used everywhere in the euro area
● Coins: one side with national symbols, one side common
● Notes: no national side
Lecture 3 Notes:
Powers of the parliament:
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