European Union
Definition
The European Union (EU) is an economic and political union consisting of 27 member countries in Europe. It aims to promote economic cooperation, ensure peace among its members, and create common policies on various issues.
Analogy
Think of the EU as a big family reunion where everyone brings something unique to share. Each member country contributes their strengths, whether it's delicious food, beautiful art, or advanced technology, creating unity through diversity.
Related terms
Single Market: The single market refers to the free movement of goods, services, capital, and people among EU member countries without internal barriers like tariffs or quotas.
Eurozone: The eurozone consists of EU member countries that have adopted the euro as their official currency. They share monetary policy under the European Central Bank.
Supranationalism: Supranationalism refers to the delegation of power and authority from national governments to international organizations like the EU. It involves pooling sovereignty for common decision-making.
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