Organs of the EU a) Which is the Legislative body of the EU b) What is the function of the European Commission? c) Where is the seat of the Court of Justice? d) Who is responsible for the foreign exchange operation?
Answers
a) The council of European Union with ministers representing member states which is also named as the ""council of ministers"", act as legislature with the parliament and acts for conclusion of the international agreements.
The European Parliament with proportionate seat allocation as per the population in each member country for a proportionate representation where members are elected by this proportionate representation have the budgetary power along with being a legislative body.
b) European Commission is an organ of European Union which works towards proposing legislation, implementation of decisions, upholding and effecting treaties, and balancing and managing other relative aspects of European Union.
It has 28 members, one from each member country and works as a cabinet of government.
It has executive, legislative, and implementation powers.
It enforces and implements the legislation passed by the parliamentary organ of the council. It acts on legislative initiatives, executive powers as for treaties, and trade matters.
It positively acts towards integration of member countries.
c) ""The International Court of Justice"" is the judicial branch and organ of United Nations. The seat of the ""International Court of Justice"" is at ""Peace Palace"" in ""The Hague"", ""Netherlands"".
It is also referred to as “the World Court”.
d) Euro system conducts foreign exchange operation as per the provisions and articles as per treaty on functioning European Union.
If there are no formal agreements or relevant general guidelines, Euro system would decide on the exchange interventions as and where necessary.
Such interventions may be coordinated and worked on by ECB OR NCB.
""ECOFIN Council"" can conclude and bring into effect agreements on exchange rate system and may also frame guidelines and rules for exchange rate policy.
“FEMA” - “Foreign Exchange Management Act, 1999” is an act of Parliament of India as for the law related to foreign exchange.