European Union
Definition
The European Union is a political and economic union of 27 member countries located in Europe. It aims to promote peace, stability, and cooperation among its members through the establishment of common policies and institutions.
Analogy
Think of the European Union as a group project for European countries. Just like how students come together to work on a project, the EU brings different countries together to collaborate on issues that affect them all.
Related terms
Eurozone: A subset of EU member countries that use the euro currency.
Single Market: An area within the EU where goods, services, capital, and people can move freely without barriers or restrictions.
Treaty of Rome: The founding treaty of the European Economic Community (EEC), which eventually evolved into the EU.
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