Portal:European Union/Intro
From Wikipedia, the free encyclopedia
The European Union (EU) is a political and economic union of twenty-seven member states with supranational and intergovernmental features, primarily located in Europe. It traces its origins to the European Economic Community (EEC) formed in 1957 by the Treaty of Rome between six European countries. Since then the EU has grown in size through the accession of new member states and has increased its powers by the addition of new policy areas to its remit. In 1993, the Maastricht Treaty established the current legal framework.
The EU creates a single market by a system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services and capital.
It maintains a common trade policy, agricultural and fisheries policies, and a regional development policy. In 1999 the EU introduced a common currency, the euro, which has been adopted by fifteen member states. It has also developed a role in foreign policy, and in justice and home affairs. Passport control between many member states has been abolished under the Schengen Agreement.
With almost 500 million citizens the EU generates an estimated 31% share of the world's nominal GDP (€11,45 trillion or US$15.8 trillion) in 2007. It represents its members in the WTO and observes at G8 summits and at the UN. Twenty-one EU countries are members of NATO. Important institutions of the EU include the European Commission, the European Parliament, the Council of the European Union, the European Council, the European Court of Justice and the European Central Bank. EU citizens elect the Parliament every five years.
