European union
Definition
A political and economic union of 27 European member states established by the Maastricht Treaty in 1993 that promotes free movement of people, goods, services, and capital among its members. It grew out of post-WWII efforts to prevent future wars through economic cooperation.
Examples
- The euro currency used by 20 member states in the Eurozone
- The Schengen Area allowing passport-free travel between most EU countries
- Brexit — the United Kingdom's 2020 departure from the EU
Key Fact
The EU originated from the European Coal and Steel Community (1951) and the Treaty of Rome (1957).
Study This Concept
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