European Union

The European Union (EU) is a sui generis political body, made up of twenty-seven member states. It was established in 1993 by the Maastricht Treaty and is the de facto successor to the six-member European Economic Community founded in 1957 in the Treaty of Rome. Since 1957 new accessions have raised its number of member states, and competences have expanded. As a result, the EU can be described as both a supranational and intergovernmental body.

The economy of the Union is the largest in the worlddubious ] with a combined nominal GDP of €11.6 (US$15.7) trillion in 2007. The Union is a single market with a common trade policy, a Common Agricultural/Fisheries Policy, and a Regional policy to assist underdeveloped regions. It introduced its own currency, the euro, which has been adopted by thirteen of the member states. The EU initiated limited Common Foreign and Security Policy, and limited Police and Judicial Co-operation in Criminal Matters.

Important EU institutions and bodies include the European Commission, the Council of the European Union, the European Council, the European Central Bank, the European Court of Justice and the European Parliament. Citizens of EU member states are also EU citizens. EU citizens directly elect the European Parliament, once every five years. EU citizens can invest, live, travel, and work in other member states (with some temporary restrictions on new member states). Passport control and customs checks at most internal borders were abolished in the Schengen Agreement.