key term - European Union (EU)

Definition

The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. It aims to ensure the free movement of people, goods, services, and capital within the internal market, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development.

Related terms

Single Market: A system allowing the unrestricted movement of goods, services, capital, and people within the European Union.

Eurozone: The group of European Union countries that have adopted the euro as their official currency.

Schengen Area:

An area comprising 26 European states that have officially abolished all passport and other types of border control at their mutual borders