European Union

Business, Legal & Accounting Glossary

Definition: European Union

Full Definition of European Union

The politico-legal entity formed by the Treaty of Maastricht 1992, which extended the existing European Communities into a new ‘three-pillar’ structure. The first pillar encompasses the former European Communities, now renamed the ‘European Community’. The EC includes and is dominated by, the European Economic Community (EEC). The second pillar is a set of agreements on establishing a common foreign and defence policy. The third pillar is the set of agreements on establishing common police and judicial cooperation procedures. From a strictly legal perspective, the first pillar is the most important, as it is the treaties encompassed by this pillar that give the EU its power to legislate and enforce EU law over member states. The European Court of Justice (ECJ) only has jurisdiction over matters in the first pillar.

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European Union. Payroll & Accounting Heaven Ltd. (accessed: September 26, 2021).
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Definition Sources

Definitions for European Union are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th April, 2020 | 0 Views.