EU (European Union)
Definition
The European Union is a political and economic union of 27 member states located primarily in Europe. It has developed an internal single market through standardized laws applicable in all member states.
Analogy
Imagine if all your friends decided to pool their resources together so they could buy more candy from the store - that’s kind of what EU countries did with their economies!
Related terms
Eurozone: A geographic area consisting of all the European Union countries that have fully incorporated the euro as their national currency.
Brexit: An abbreviation for 'British exit,' referring to UK's decision in a June 23, 2016 referendum to leave the European Union.
Schengen Area: A zone where 26 European countries abolished passport control at their mutual borders.
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