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Europen Union

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Submitted By pinkynanwani
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European Union:-
A group of European countries that participates in the world economy as one economic unit and operates under one official currency, the euro. The EU's goal is to create a barrier-free trade zone and to enhance economic wealth by creating more efficiency within its marketplace.
The current formalized incarnation of the European Union was created in 1993 with 12 initial members. Since then, many additional countries have since joined. The EU has become one of the largest producers in the world, in terms of GDP, and the euro has maintained a competitive value against the U.S. dollar.

EU and non-EU members must agree to many legal requirements in order to trade with the EU member states. The European Union is a group of countries whose governments work together. It's a bit like a club. To join you have to agree to follow the rules and in return you get certain benefits. Each country has to pay money to be a member. They mostly do this through taxes. The EU uses the money to change the way people live and do business in Europe. Countries join because they think that they will benefit from the changes the EU makes EU is a unique economic and political partnership between 27 European countries that together cover much of the continent.
The EU was created in the aftermath of the Second World War. The first steps were to foster economic cooperation: the idea being that countries who trade with one another become economically interdependent and so more likely to avoid conflict. The result was the European Economic Community (EEC), created in 1958, and initially increasing economic cooperation between six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Since then, a huge single market has been created and continues to develop towards its full potential.
These are some of the main parts of the EU.
The European Parliament

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