CNBC International TV shows how CNBC's Silvia Amaro explains the latest battle between the U.K. and the EU over Covid-19 vaccines.
The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 km squared. The estimated total population is about 447 million. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market; enact legislation in justice and home affairs; and maintain common policies on trade, agriculture, fisheries and regional development.
The EU has often been described by some as a sui generis political entity. Sui generis is a Latin phrase that means "of its/his/her/their own kind, in a class by itself", therefore "unique". A number of disciplines use the term to refer to unique entities.
After a decade of preparations, the "Euro Currency" was launched on 1 January 1999: for the first 3 years it was an 'invisible' currency, only used for accounting purposes and electronic payments. Coins and banknotes were launched on 1 January 2002, and in 12 EU countries the biggest cash changeover in history certainly took place.
The EU traces its origins to the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), established, respectively, by the 1951 Treaty of Paris and 1957 Treaty of Rome. The original members of what came to be known as the European Communities were the Inner Six: Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
Containing some 5.8% of the world population in 2020, the massive EU had generated a nominal gross domestic product (GDP) of around US$15.5 trillion in 2019, constituting approximately 18% of global nominal GDP. The European Union has a large global influence. The European Union has been described by some experts as an emerging superpower.
The United Kingdom (which also included Gibraltar) was a member state of the European Union (EU) and of its predecessor the European Communities (EC) - principally the European Economic Community (EEC) from 1 January 1973 until 31 January 2020.
UK recently rejected 'false' Covid-19 vaccine export ban claim by EU. EU's top official claimed the UK had imposed an "outright ban" on the export of Covid vaccines. European Council President Charles Michel said it applied to all vaccines and components produced in the UK.
However, Foreign Secretary Dominic Raab described the suggestion as "completely false."
The understanding is, "The UK government has not blocked the export of a single Covid-19 vaccine or vaccine components."
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