European Union (EU)

The European Union (EU) is an economic and political union of 27 member states, located primarily in Europe. It has developed a single market through the free movement of goods, services, capital, and people, and has adopted a common currency, the euro, used by 20 of its member states.

The EU was initially formed in 1951 with the creation of the European Coal and Steel Community (ECSC), which brought together several European countries to jointly manage the production and distribution of these critical resources. The ECSC was later followed by other institutions, including the European Economic Community (EEC) and the European Union (EU), which expanded the scope of integration to include trade, political cooperation, and the creation of a single European currency, the euro.

One example of the EU’s economic integration is the European Single Market. This market allows goods and services to move freely within the EU, creating more competition within the market, and providing more choice and lower prices for consumers.