European Union (EU)

Definition

The European Union is a political and economic union of 27 member countries located primarily in Europe. It aims to promote peace, stability, and prosperity among its members through cooperation in various areas such as trade, immigration policies, and common regulations.

Related terms

Single Market: An area within the EU where goods, services, capital, and people can move freely without internal borders or barriers.

Eurozone: A subset of EU member states that have adopted the euro currency as their official currency.

Schengen Area: A zone within the EU consisting of 26 European countries that have abolished passport control at their mutual borders.