The European Union
By WILL KENTON Reviewed By GORDON SCOTT Updated Aug 5, 2020
The European Union (EU) is a group of 27 countries that operates as a cohesive economic and political block. Nineteen of the countries use the euro as their official currency.
The EU grew out of a desire to form a single European political entity to end the centuries of warfare among European countries that culminated with World War II and decimated much of the continent. The European Single Market was established by 12 countries in 1993 to ensure the so-called four freedoms: the movement of goods, services, people, and money.3
The EU's gross domestic product (GDP) totaled $15.6 trillion (nominal) in 2019, which was $5.8 trillion less than the United States' $21.4 trillion GDP, according to figures available from the World Bank.
Understanding the European Union (EU)
The EU began as the European Coal and Steel Community, which was founded in 1950 and had just six members: Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. It became the European Economic Community in 1957 under the Treaty of Rome and, subsequently, became the European Community (EC).53
The early focus of the EC was a common agricultural policy as well as the elimination of customs barriers. The EC initially expanded in 1973 when Denmark, Ireland, and the United Kingdom. A directly elected European Parliament took office in 1979.3
In 1986, the Single European Act solidified the principles of foreign policy cooperation and extended the powers of the community over the members. The act also formalized the idea of a single European market.3
The Maastricht Treaty took effect on November 1, 1993, and the European Union (EU) replaced the EC. The treaty created the euro, which is intended to be the single currency for the EU. The euro debuted on January 1, 1999.6 Denmark and the United Kingdom negotiated "opt out" provisions that permitted them to retain their own currencies.7
Several newer members of the EU have not yet met the criteria for adopting the euro.
https://www.investopedia.com/terms/e/europeanunion.asp
The European Union (EU) is a group of 27 countries that operates as a cohesive economic and political block. Nineteen of the countries use the euro as their official currency.
The EU grew out of a desire to form a single European political entity to end the centuries of warfare among European countries that culminated with World War II and decimated much of the continent. The European Single Market was established by 12 countries in 1993 to ensure the so-called four freedoms: the movement of goods, services, people, and money.3
The EU's gross domestic product (GDP) totaled $15.6 trillion (nominal) in 2019, which was $5.8 trillion less than the United States' $21.4 trillion GDP, according to figures available from the World Bank.
Understanding the European Union (EU)
The EU began as the European Coal and Steel Community, which was founded in 1950 and had just six members: Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. It became the European Economic Community in 1957 under the Treaty of Rome and, subsequently, became the European Community (EC).53
The early focus of the EC was a common agricultural policy as well as the elimination of customs barriers. The EC initially expanded in 1973 when Denmark, Ireland, and the United Kingdom. A directly elected European Parliament took office in 1979.3
In 1986, the Single European Act solidified the principles of foreign policy cooperation and extended the powers of the community over the members. The act also formalized the idea of a single European market.3
The Maastricht Treaty took effect on November 1, 1993, and the European Union (EU) replaced the EC. The treaty created the euro, which is intended to be the single currency for the EU. The euro debuted on January 1, 1999.6 Denmark and the United Kingdom negotiated "opt out" provisions that permitted them to retain their own currencies.7
Several newer members of the EU have not yet met the criteria for adopting the euro.
https://www.investopedia.com/terms/e/europeanunion.asp