What is Lisbon Treaty?
891 reads · Last updated: December 5, 2024
The Lisbon Treaty, also known as the Treaty of Lisbon, updated regulations for the European Union, establishing a more centralized leadership and foreign policy, a proper process for countries that wish to leave the Union, and a streamlined process for enacting new policies.The treaty was signed on December 13, 2007, in Lisbon, Portugal, and amended the two previous treaties that established the foundation for the European Union.
Definition
The Treaty of Lisbon, also known as the Lisbon Treaty, updated the regulations of the European Union, establishing more centralized leadership and foreign policy, providing appropriate processes for countries wishing to leave the union, and simplifying the process of creating new policies.
Origin
The treaty was signed on December 13, 2007, in Lisbon, Portugal, and amended two previous treaties that laid the foundation for the European Union.
Categories and Features
The Treaty of Lisbon primarily impacts the EU's operations in three ways: Firstly, it enhances the EU's democratic legitimacy by increasing the powers of the European Parliament and introducing a citizens' initiative. Secondly, it improves the EU's efficiency by streamlining decision-making processes, especially in foreign and security policy. Lastly, it provides a clear exit mechanism, offering a legal framework for member states to leave the EU.
Case Studies
A typical case is the Brexit process. Article 50 of the Lisbon Treaty provided the legal framework for the UK to initiate its exit procedure. Another example is the EU's unified action in foreign policy, such as addressing global climate change issues, where the Lisbon Treaty enabled the EU to speak with one voice.
Common Issues
Investors might worry about the impact of the Lisbon Treaty on EU economic policies, particularly the economic uncertainty during member state exits. A common misconception is that the treaty will immediately lead to policy changes, but in reality, the implementation of the treaty requires time and negotiation among member states.
