The European Union
The European Union (EU) is a unique supranational political and economic union consisting of 27 member states located primarily in Europe. The foundations of the union were laid following World War II to foster economic cooperation and prevent conflict. It was formally established by the Maastricht Treaty in 1993, building upon the European Economic Community.
Governance and Institutions
The European Union operates through a system of independent supranational institutions and intergovernmental-negotiated decisions. Key bodies include the European Commission, which acts as the executive branch; the European Parliament, representing the citizens; and the Council of the European Union. Monetary policy for the Eurozone is managed by the European Central Bank.
Economic Impact and Policy
The Single Market allows for the free movement of goods, services, capital, and people across member states. Many members have adopted the Euro as their official currency to facilitate trade. According to the official website of the European Union, the union aims to promote peace and the well-being of its citizens. Additional historical and structural context can be found via Encyclopedia Britannica.