Key Definitions of International Organizations and European Treaties

Major International Organizations

World Bank (WB)

The World Bank is one of the specialized agencies of the United Nations. It is defined as a source of financial and technical assistance for developing countries.

International Monetary Fund (IMF)

The IMF's statutes state its main objectives as the promotion of sustainable exchange rate policies at the international level, facilitating international trade, and reducing poverty.

Organisation for Economic Co-operation and Development (OECD)

The OECD is an organization for international cooperation composed of 30 states. It aims to coordinate their economic and social policies. It was founded in 1960 and is headquartered in Paris, France.

United Nations (UN)

The UN is a global association of governments facilitating cooperation in matters such as:

• International law
• Peace and international security
• Economic and social development
• Humanitarian affairs and human rights

North Atlantic Treaty Organization (NATO)

NATO is an international political and military organization created as a result of negotiations between the signatories of the Treaty of Brussels.

European Union Institutions and Treaties

European Union (EU)

The European Union is a political community of law created to encourage and foster the integration of the peoples and states of Europe. It currently consists of twenty-seven European states and was formally established by the entry into force of the Treaty on European Union (Maastricht Treaty).

European Commission (EC)

The European Commission is the institution within the constitutional framework of the Union, as outlined in the European Treaties. It embodies the EU executive branch.

Its key functions include:

• Acting as the guarantor of compliance with the law of the Union.
• Holding a monopoly on legislative initiative.
• Running the political budget and common policies.
• Representing the Union as a whole and promoting and defending the general community's interest.

The Commission is politically accountable to the European Parliament as a body.

European Parliament (EP)

The European Parliament is the constitutional institution in the European Union that directly represents the people of the Union. It is elected every five years by universal and secret suffrage by European citizens in the European elections.

Maastricht Treaty (Treaty on European Union)

The Maastricht Treaty is a foundational treaty that amended the founding Treaties of the European Communities. This Treaty formally established the European Union (EU).

It subsumed the three previous European Communities, introducing substantial changes, notably transforming the European Economic Community (EEC) into the European Community (EC).