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Summary

The European Union (EU) is a unique economic and political partnership in which 27 countries share sovereignty over an extensive range of policy areas. With strong U.S. support and encouragement, a group of European statesmen began this process of integration after World War II with the hope of ensuring peace on the continent. Over the years, additional economic and political rationale have emerged to support further integration. Although some issues require unanimous consensus among member countries, EU decision-making is supranational on most economic and social issues. The three main institutions of the EU are the European Commission (essentially the EU's executive), the Council of the European Union (representing the national governments), and the European Parliament (representing the citizens of the EU). The yet-to-be-ratified Lisbon Treaty is the EU's latest attempt to reform its institutional arrangements and decision-making procedures. Enlargements in 2004 and 2007 increased the number of member countries in the EU from 15 to 27. The EU has a strong common trade policy, and a developing Common Foreign and Security Policy (CFSP) for a more united voice in global affairs. It has also been developing a European Security and Defense Policy (ESDP) in order to improve its military capabilities and capacity to act independently. Although some shortcomings exist in EU-NATO relations, the two institutions continue to seek a more cooperative and complementary relationship. The United States and the EU share a large, mutually beneficial trade and investment relationship. The global financial crisis and recession has challenged both sides to forge a common response. The United States and EU have a number of lingering trade disputes, but have led the push to liberalize world trade, and have sought to reduce non-tariff and regulatory barriers in the transatlantic marketplace. With compatible worldviews on most global issues, the United States and the EU also have a well-developed and cooperative political relationship. This report provides a summary overview of these issues, many of which may be of interest to the 111th Congress.

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