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European Union

Definition

The European Union (EU) is an economic and political union consisting of 27 member countries in Europe. Its primary goals are to promote peace, stability, economic cooperation, and protect human rights among its member states.

Analogy

Imagine the European Union as a big family reunion where all the relatives gather at one place. Just like how family members come together for common goals like sharing resources and supporting each other, EU member countries work collectively towards shared objectives for their mutual benefit.

Related terms

Single Market: The single market refers to the free movement of goods, services, capital, and labor within the EU member countries without any barriers like tariffs or restrictions. It promotes economic growth and cooperation among member states.

Eurozone: The Eurozone is a subset of EU member countries that have adopted the euro as their common currency. It facilitates trade, financial stability, and monetary policy coordination within the region.

Schengen Area: The Schengen Area is a group of 26 European countries that have abolished passport control at their mutual borders. It allows for unrestricted movement of people within this area, promoting travel and cultural exchange among member states.