EU

European Union

The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. It has an estimated population of about 447 million and covers an area of 4,233,255.3 km². The EU has developed an internal single market through a standardized system of laws that apply in all member states in those matters, and only those matters, where members have agreed to act as one.

History

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 Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany. The communities and their successors have grown in size by the accession of new member states and in power by the addition of policy areas to their remit.

Institutions

The EU operates through a hybrid system of supranational and intergovernmental decision-making. The seven principal decision-making bodies—known as the institutions of the European Union—are:

• The European Parliament, which is elected by EU citizens every five years.
• The European Council, which consists of the heads of state or government of the member states.
• The Council of the European Union, which represents the governments of the member states.
• The European Commission, which is the executive arm of the EU.
• The Court of Justice of the European Union, which ensures EU law is interpreted and applied the same in every EU country.
• The European Central Bank, which manages the euro and EU monetary policy.
• The European Court of Auditors, which checks the proper use of EU funds.

Policies

The EU has developed a single market through a standardized system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished. 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.

Economy

The EU has a highly developed economy and is the largest economic area in the world. The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. Of the 27 EU member states, 19 have adopted the euro as their legal tender, forming the Eurozone.

Foreign Relations

The EU has a significant role in international relations and diplomacy. It has a common foreign and security policy, which includes a common security and defense policy. The EU maintains diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7, and the G20.

Also see

• History of the European Union
• Eurozone
• Schengen Area
• Brexit
• European Economic Area
• European Free Trade Association