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Following the 2016 decision of the United Kingdom to leave the European Union ("Brexit"), the EMA chose to search for another base of operations. According to EU Law the European Commission had to decide on the fate of the EMA's location. The EU ministers met to vote on their preferred successor. [28]
According to Article 128 of the EEA Agreement, "any European State becoming a member of the Community shall, and the Swiss Confederation or any European State becoming a member of EFTA may, apply to become a party to this Agreement. It shall address its application to the EEA Council." EFTA does not envisage political integration.
Svalbard: not part of the Schengen area, Norwegian VAT area [87] or the EU single market; free movement of people into the territory regardless of nationality [88] Bouvet Island; Peter I Island and Queen Maud Land are disputed Norwegian territories embodying the Norwegian claims to Antarctica but have no permanent population. Switzerland
One of the core objectives of the European Economic Community (EEC) upon its establishment in 1957 was the development of a common market offering free movement of goods, service, people and capital. Free movement of goods was established in principle through the customs union between its then-six member states.
The admission of a new state the Union is limited to liberal democracies and Freedom House ranks all EU states as being totally free electoral democracies. [54] All but 4 are ranked at the top 1.0 rating. [55] However, the exact political system of a state is not limited, with each state having its own system based on its historical evolution.
international law juridical persons established through primary (treaty) legislation, either as an EU institution (the European Central Bank) or an EU body of other type (such as the European Investment Bank Group entities, the European University Institute, the European Stability Mechanism or the Unified Patent Court) other EU institutions
Portugal's central bank is the Banco de Portugal, which is an integral part of the European System of Central Banks. The largest Portuguese banks are Banco Comercial Português and the state-owned Caixa Geral de Depósitos. [137] Portuguese banks hold strategic stakes in other sectors of the economy, including the insurance sector.
The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four European states: Iceland, Liechtenstein, Norway and Switzerland. [4] The organization operates in parallel with the European Union (EU), and all four member states participate in the European single market and are part of the ...