European Union

From The D Archives

The European Union (EU) is a supranational and intergovernmental union of 27 states in Europe. It was established in 1992 by the Treaty on European Union (The Maastricht Treaty), and is the de facto successor to the six-member European Economic Community founded in 1957. Since then new accessions have raised its number of member states, and competences have expanded. The EU is the current stage of a continuing open-ended process of European integration.

The EU is the largest economic entity and one of the largest political entities in the world, with 493 million people and a nominal GDP of €10.5 ($13.5) trillion. The Union is a single marketwith a common trade policy, a Common Agricultural/Fisheries Policy, and a Regional policy to assist poorer regions. It introduced a single currency, the euro, adopted by 13 member states. The EU initiated a limited Common Foreign and Security Policy, and a limited Police and Judicial Co-operation in Criminal Matters.

Important EU institutions and bodies include the European Commission, the Council of the European Union, the European Council, the European Central Bank, the European Court of Justice, and the European Parliament. Citizens of EU member states are also EU citizens: they directly elect the European Parliament, once every five years. They can live, travel, work, and invest in other member states (with some restrictions on new member states). Passport control and customs checks at most internal borders were abolished by the Schengen Agreement.