ries. These members include (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom), and membership will likely increase to more than twenty soon after 2004. The possibility of this union is due largely to the success of Europe's economic integration. While the EU has evolved common policies in a number of other sectors since then, the fundamental goal of the Union remains the same: to create an ever-closer union among the peoples of Europe. Governing InstitutionsFive institutions - Parliament, Council of Ministers, Commission, Court of Justice, and Court of Auditors, govern the European Union. In addition, the Heads of State and Government and the Commission President meet at least twice a year in European Council summits to provide overall strategy and political direction. The European Central Bank is responsible for monetary policy and managing the euro in the Economic and Monetary Union, which comprises twelve states. The governing system differs from all previous national and international models. Unlike the United States, the EU is founded on international treaties among sovereign nations rather than a Constitution. The power to enact laws that are directly binding on all EU citizens throughout the EU territory also distinguishes the Union from international organizations. The Union has been described as a supranational entity. The member states have relinquished part of their national sovereignty to the EU institutions. The member states work together, in their collective interest, through the joint administration of their sovereign powers. The Union also operates according to the principle of "subsidiarity", which characterizes most federal systems. Under this principle, the Union is granted jurisdiction only for those policies that cannot be handled effectively at lower levels of government, i.e., national, regional, or local. En...
