key term - European Union (EU)

Definition

The European Union (EU) is a political and economic union of 27 European countries that work together to promote peace, stability, and economic cooperation among its members. It operates through a system of supranational institutions and intergovernmental negotiated decisions by the member states.

Related terms

Single Market:

A seamless environment for trading and doing business across EU countries as if they were one entity, eliminating barriers to trade such as tariffs.

Eurozone: The group of EU countries that have adopted the euro as their official currency, facilitating easier trade and financial transactions among them.

Schengen Area: A zone where 26 European countries abolished their internal borders for the free and unrestricted movement of people, enhancing travel and commerce within the area