The EU presents a united front to the world. The Lisbon Treaty institutionalises the Common Foreign and Security Policy (CFSP) to a greater extent. The Union’s High Representative for Foreign Affairs and Security Policy chairs the Foreign Affairs Council and simultaneously serves as Vice President of the European Commission. He is supported by the recently established European External Action Service (EEAS).

The EU decides to introduce the European Stability Mechanism (ESM). In the light of the lessons learned from the financial crisis it will, under strict conditions, support members who have got into difficulty. Furthermore, the EU receives the Nobel Peace Prize. German politician Martin Schulz becomes President of the European Parliament and remains in office until 2017.

Likewise in response to the financial crisis, the Banking Union is created. The same regulations now apply for financial institutes throughout Euroland. They are intended to guarantee that banks only take minimal risks and that possible burdens on taxpayers are reduced.

As its President, Ursula von der Leyen becomes the first woman to head the EU Commission. She is the second German in the position following Walter Hallstein, who was in office from 1958 until 1967.

At the end of January Great Britain leaves the EU. “Brexit” is the result of a referendum held in 2016. EU regulations continue to apply for Great Britain for a transition period lasting until the end of 2020.