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European Union

Definition

The European Union (EU) is a political and economic union of 27 member countries in Europe. It was established to promote cooperation among its members, with the goal of ensuring peace, stability, and prosperity in Europe.

Analogy

Think of the European Union as a group project for an entire continent. Each member country is like a student in the group, working together towards common goals while maintaining their individual identities.

Related terms

Single Market: A single market refers to the free movement of goods, services, capital, and people within the EU without internal borders or barriers.

Euro: The Euro is the official currency used by 19 out of 27 EU member countries. It promotes economic integration among these countries.

Supranationalism: Supranationalism refers to decision-making powers that are given to institutions beyond national governments. In the EU context, it means that certain decisions are made collectively at the EU level rather than solely by individual member states.