European Union (EU)

The European Union (EU) is a political and economic union of member states located primarily in Europe. It was established with the signing of the Maastricht Treaty in 1992 and officially came into existence with the formation of the European Union on November 1, 1993. The EU has its roots in the aftermath of World War II and aims to promote economic cooperation, political stability, and shared values among its member countries. Key aspects of the European Union include:

1. Member States: The EU consists of 27 member states as of my last knowledge update in January 2022. Member countries pool their sovereignty in certain areas to work together on common goals.

2. Institutions: The EU has several institutions, including the European Commission, the European Council, the European Parliament, the Council of the European Union, the Court of Justice of the European Union, and the European Central Bank.

3. Single Market: The EU operates a single market, allowing for the free movement of goods, services, capital, and people among member states.

4. Euro Currency: The euro (€) is the official currency in a subset of EU member states, constituting the Eurozone.

5. Policies: The EU is involved in various policy areas, including trade, competition, agriculture, fisheries, environmental protection, and more.

6. Legal Framework: EU law has precedence over national laws in areas where member states have agreed to share sovereignty. The Court of Justice ensures the consistent interpretation and application of EU law.

7. Enlargement: The EU has expanded through several rounds of enlargement, with candidate countries working toward meeting the criteria for membership.

8. Foreign Policy: The EU plays a role in shaping foreign policy and international relations, aiming to promote peace, stability, and human rights.

9. Economic and Monetary Union (EMU): Some EU countries participate in the EMU, which involves the coordination of economic policies and sharing a common currency (euro).