With the signing of the Treaty of Europe on Nov. 1, 1993, the creation of the European Union swallowed all of the competencies of the European Economic Community. The EU's duty is to manage the harmonious and balanced development of the economy, ensure a high level of social security and to promote a stable labor market in each member country. The Union has its own legal order, with authority over all decision-making it is granted by member states.
The EU has "unified" policies in monetary systems and exchange rates. Agreements on "common policies" currently exist in areas like agriculture, transportation, trade and fisheries. In other areas, cooperation is still in the early stages of development.