EP meaning in Business ?

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What is European Parliament mean?

The European Parliament (EP) is one of three legislative branches of the European Union and one of its seven institutions. Together with the Council of the European Union, it adopts European legislation, commonly on the proposal of the European Commission. The Parliament is composed of 705 members (MEPs). It represents the second-largest democratic electorate in the world (after the Parliament of India) and the largest trans-national democratic electorate in the world (375 million eligible voters in 2009).

Since 1979, the Parliament has been directly elected every five years by the citizens of the European Union through universal suffrage. Voter turnout in parliamentary elections decreased each time after 1979 until 2019, when voter turnout increased by eight percentage points, and went above 50% for the first time since 1994. The voting age is 18 in all member states except for Malta and Austria, where it is 16, and Greece, where it is 17.

Although the European Parliament has legislative power, as does the Council, it does not formally possess the right of initiative as most national parliaments of the member states do, right of initiative being a prerogative of the European Commission. The Parliament is the "first institution" of the European Union (mentioned first in its treaties and having ceremonial precedence over the other EU institutions), and shares equal legislative and budgetary powers with the Council (except on a few issues where the special legislative procedures apply). It likewise has equal control over the EU budget. Ultimately, the European Commission, which serves as the executive branch of the EU, is accountable to Parliament. In particular, Parliament can decide whether or not to approve the European Council's nominee for President of the Commission, and is further tasked with approving (or rejecting) the appointment of the Commission as a whole. It can subsequently force the current Commission to resign by adopting a motion of censure.

The President of the European Parliament (Parliament's speaker) is David Sassoli (PD), elected in July 2019. He presides over a multi-party chamber, the five largest groups being the European People's Party Group (EPP), the Progressive Alliance of Socialists and Democrats (S&D), Renew Europe (previously ALDE), the Greens/European Free Alliance (Greens–EFA) and Identity and Democracy (ID). The last EU-wide election was held in 2019.

The Parliament is headquartered in Strasbourg, France, and has its administrative offices in Luxembourg City. Plenary sessions take place in Strasbourg as well as in Brussels, Belgium, while the Parliament's committee meetings are held primarily in Brussels.

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Posted on 30 Sep 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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