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The euro is the common European currency, and has replaced domestic currencies in 17 countries of the euro zone. On 1 January 1999 the euro was introduced for non-cash transactions, and since 1 January 2002 it has been functioning as normal cash circulation.
Introduction of the euro inaugurated the third and final stage of the EU’s Economic and Monetary Union. Since its accession to the European Union, Poland has also been participating in the third stage of the EMU. However, it has the status of a country with derogation, which means that it is obliged to adopt the common currency after the conditions stipulated in the Treaty on Functioning of the EU are fulfilled.
 

The European Central Bank (ECB) is one of the basic EU institutions and the most important body of the Economic and Monetary Union. ECB is the central element of the European System of Central Banks (ESCB) which comprises the ECB and central banks of Member States of the European Union.

The primary objectives of ESCB are to:

• maintain price stability,
• define and implement the EU monetary policy,
• conduct foreign-exchange operations,
• hold and manage the official foreign-exchange reserves of Member States,
• ensure smooth operation of payment systems.

Apart from its primary objectives the ESCB has some additional tasks to fulfil. They include, above all:

• issue of euro banknotes which are the only official instrument of payment in the countries which have adopted this currency,
• gathering statistical information necessary to fulfil the ESCB tasks.

Moreover, the ESCB conducts analytical, research as well as law-making activities. It performs an advisory function and participates in international cooperation on issues falling into the ESCB competence.
The ECB is based in Frankfurt am Main.
 

The European Court of Auditors is the EU’s external financial control institution. It is not a judicial body.

The main objective of the Court of Auditors is to control the EU’s income and expense accounts. The Court of Auditors controls relevant documents and, if necessary, conducts audits in the headquarters of institutions managing funds from the EU budget and other entities receiving funds from the EU budget. Moreover, the Court of Auditors supports the Council and the European Parliament in the process of performing their control functions within the scope of budget performance. After each budgetary year is ended, the Court of Auditors prepares a report which is published in the Official Journal of the European Union. This report constitutes the basis for the European Parliament acknowledgment of the budget performance by the European Commission.

However, the Court of Auditors cannot enforce ascertained infringements of law. Moreover, it cannot impose any sanctions on any institutions controlled by it. The functions of the Court of Auditors are limited to preparation of reports on audits.
Members of the Court of Auditors are representatives of the Member States (one person from each country). They are elected for 6 years from among the candidates proposed by the Member States.
The Court of Auditors is located in Luxembourg.
 

Pursuant to Article 3.3 of the Treaty on European Union, the European Union ‘respects its rich cultural and linguistic diversity, and ensures that Europe's cultural heritage is safeguarded and enhanced'. The Treaty on European Union is of the same meaning in all of its official language versions (Article 55 of TEU). The EU regulations are published in all official EU languages. Every citizen of the European Union can write to any of the EU institutions in any of the official languages (Article 24 of the Treaty on the Functioning of the EU).

Currently, there are 23 official languages in the European Union: English, Bulgarian, Czech, Danish, Estonian, Finnish, French, Greek, Spanish, Irish, Lithuanian, Latvian, Maltese, Dutch, German, Polish, Portuguese, Romanian, Slovak, Slovenian, Swedish, Hungarian and Italian.
 

The order in which Member States have held the Presidency of the Council since January 2007 is specified in the Council decision of 1 January 2007 determining the order in which the office of President of the Council shall be held (2007/5/EC, Euratom), this rotation being outlined until 2020.

The European Commission is a politically independent institution which represents the interests of EU as a whole. Currently, the Commission comprises 27 commissioners, one from each Member State, including the High Representative of the Union for Foreign Affairs and Security Policy, who is ex-officio one of the Vice Presidents of the Commission. The commissioners are completely independent and cannot accept any instructions from the governments of the Member States. While performing their duties, they have to be guided only by the general interest of the European Union.

The Commission’s term of office is 5 years. The commissioners are elected from among the candidates proposed by the Member States.

 
The basic competence of the European Commission is the right of legislative initiative, which means that the Commission is responsible for preparing proposals of new community regulations and, then, presenting them to the Parliament and the Council. The Commission prepares the EU’s legislation annual plan which specifies legal acts to be issued.

The Commission together with the Court of Justice acts as the ‘guardian of treaties’. Within this scope it is responsible for ensuring proper application of the provisions of EU law in all the Member States. If the Commission decides that any of the EU countries does not apply the community law and, therefore, does not fulfil its legal obligations, it shall undertake actions aimed at elimination of this infringement.

As an executive body of the European Union the Commission is responsible for management and performance of the EU budget, directions of its policy and programs approved by the Parliament and the Council. The Commission prepares a preliminary draft budget and, after its final version is passed by the Council of the European Union and the Parliament, it performs this budget in collaboration with the Member States. Budget performance by the Commission is acknowledged by the European Parliament on the recommendation of the Council.

The Commission has its headquarters in Brussels.
 

Established in 1957 by the Treaty of Rome, the European Economic and Social Committee is an advisory body representing employers, trade unions, farmers, consumers and other economic and social groups.

The Committee comprises three groups:

• Group I – representatives of employers,
• Group II – representatives of employees,
• Group III – other economic and social groups.

The Committee represents and protects their interests in political discussions with the Commission, the Council and the European Parliament.

The European Economic and Social Committee perform the three major functions:

• presents its opinion to the Council, Commission and the European Parliament, either at their request or on its own initiative;
• encourages communities to involve more in the process of shaping the EU policy;
• strengthens the role of civil society in non-EU countries and helps to establish advisory structures.

Opinions of the Economic and Social Committee are of non-binding nature.

According to the provisions of the Treaty on Functioning of the European Union, the number of Committee members cannot be more than 350. The Committee’s members are independent and while performing their functions, they represent the general interest of the European Union only.

The Committee’s members are appointed by the Council (after consultation with the Commission) for the term of 5 years and their mandate is renewable. The Committee selects its President and presidium from among its members for the term of 2.5 years. The Committee’s meetings are convened by its President at the request of the European Parliament, the Council or the Commission. Its meetings can be also convened on its own initiative.

 
The Committee has its headquarters in Brussels.
 

The Committee of the Regions is an advisory body comprising representatives of regional and local authorities in Europe. It grants these authorities an opportunity to influence the directions of the EU policy and ensures the respect for regional and local identity and prerogatives.

The Committee represents local interests in the process of constituting the EU law by way of expressing opinions on draft legal acts, in particular on employment, education, structural funds, environment, culture, population protection, climate changes or energy. If the Committee considers it adequate, it may also express opinions on its own initiative. Every year five plenary sessions of the Committee of the Regions are held, when the Committee determines its general policy and expresses relevant opinions.

The Committee’s members are elected from among politicians from urban districts or regions and they represent a range of actions undertaken by local or regional authorities within the European Union.

The Committee’s members and their deputies are appointed for the term of 5 years by the Council from among the candidates proposed by the Member States. Their mandate is renewable. They are completely independent in the performance of their functions.

 
Currently, the Committee comprises 344 members. The Committee selects its President and presidium from among its members for the term of 2.5 years. The Committee’s meetings are convened by its President at the request of the European Parliament, the Council or the Commission. Its meetings can be also convened on its own initiative.

The Committee has its headquarters in Brussels.
 

A candidate country is a country which has submitted an application for accession to the European Union and whose application has been officially accepted. Currently, three countries are candidates for EU membership: Croatia, Former Yugoslav Republic of Macedonia and Turkey. Prior to its accession to the EU, a candidate country has to meet the 'Copenhagen criteria'.

An acceding country is a candidate country which has met the Copenhagen criteria and has completed negotiations on accession to the European Union.