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political and economic union of 27 European states From Wikiquote, the free quote compendium
The European Union (EU) is an economic and political union or confederation of 27 member states which are located primarily in Europe.
The EU has the European Parliament and the Council of the European Union as legislative institutions, the European Commission and the European Council as executive institutions, and the Court of Justice of the European Union as a judicial institution. It also controls the European Central Bank issuing its common currency, the euro, and the European Court of Auditors. The current President of the European Council is Charles Michel, the current President of the European Commission is Ursula von der Leyen, and the current President of the European Parliament is Roberta Metsola.
It was formed via the Treaty of Maastricht in 1993, which merged numerous regional organizations created since World War II together. It maintains a single market guaranteeing tariff-free movement of goods, services, labor, and capital, and is the third-largest economy in the world behind the United States and China. It also maintains common policies on trade, agriculture, fisheries, foreign and security policy, and regional development. Ten other countries are considering entry into the EU, while one country, the United Kingdom, exited it.
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