European Union

Definition

The European Union (EU) is an economic and political union consisting of 27 member countries in Europe. It aims to promote economic cooperation, ensure peace among its members, and create common policies on various issues.

Related terms

Single Market: The single market refers to the free movement of goods, services, capital, and people among EU member countries without internal barriers like tariffs or quotas.

Eurozone: The eurozone consists of EU member countries that have adopted the euro as their official currency. They share monetary policy under the European Central Bank.

Supranationalism: Supranationalism refers to the delegation of power and authority from national governments to international organizations like the EU. It involves pooling sovereignty for common decision-making.