1. Page 1 Governing Structure Of the European Union

2. Page 2 Governing Structure Council of Ministers European Parliament European Commission Council of Ministers  Main decision-making body  “European Council”  Represents national interest  Legislative power (“co-decision”) European Parliament  Represents EU citizens  MEPs directly elected  5-year terms European Commission  Manages, runs EU  Answerable to Parliament  Appointed to 5-year terms  “Guardian of Treaties”

3. Page 3 The Lisbon Treaty (to take effect 2014) 1.Citizens’ initiative: requires 1 million signatures 1.More power to European Parliament 1.Council of Ministers: qualified majority voting  Need 55% of member states  Need 65% of European population represented 4. European Parliament will elect president of Commission (5 year term)

4. Page 4 International Monetary Fund (IMF)  Specialized agency of the U.N. Has its own charter, governing structure, finances  Purpose: It “promotes international monetary cooperation and exchange rate stability, facilitates the balanced growth of international trade, and provides resources to help members in balance of payments difficulties or to assist with poverty reduction.”  All member nations (188) are represented by quota system Based on relative size of global economy Current quotas Quotas reflect amount country has to pay “subscription”

5. Page 5 World Bank  Created in 1944, headquartered in Washington, D.C.  Mission: The World Bank Group hopes to achieve by 2030... 1. End extreme poverty by decreasing the percentage of people living on less than $1.25 a day to no more than 3% 2. Promote shared prosperity by fostering the income growth of the bottom 40% for every country  Provide low-interest loans, interest-free credits, and grants to developing countries