Supranational Organization: An international organization in which member states delegate authority and decision-making power to the organization, which then acts independently of the member states.
Common Market: An economic union of countries that have agreed to eliminate tariffs, quotas, and other trade barriers between them, allowing the free flow of goods, services, capital, and sometimes labor.
Eurozone: The monetary union of 19 of the 27 European Union member states that have adopted the euro as their common currency and sole legal tender.